Top Ships Secures Time Charter for Eco Palm Desert

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Image Courtesy: Top Ships

Top Ships announced that it has secured a time charter deal for its tanker Eco Palm Desert.

The 50,000 dwt product/chemical tanker is presently being constructed by Hyundai and being financed by a USD 23.5 million bank loan facility with a European bank.

The contract for the charter was signed with Central Ship Chartering for a firm duration of three years, with an option to extend the firm employment period by two additional years.

The Greece-based ship owner is anticipating a a total gross revenue backlog associated with this time charter of up to USD 27.5 million including the optional periods.

Evangelos Pistiolis, President and CEO, said, “The total gross revenue backlog for the fixed charter period of all of the company’s operating fleet stands at about USD 106 million and when adding the 50% of our joint venture vessels it increases to about USD 122 million, with cashflow visibility reaching into 2021. Our business strategy continues to be focused on further expanding our fleet as it is important that we achieve a certain critical mass in terms of fleet size with an aim to maximize our operational efficiencies and synergies.”

The charter will commence upon delivery of the vessel in 2018.