TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced on Tuesday that it took delivery of the very high specification, scrubber fitted, 157,000 dwt newbuilding Suezmax vessel M/T Eco West Coast constructed at the Hyundai Heavy Industries shipyard in South Korea.
The vessel commenced its previously announced time charter employment with a major oil trader for three years with two yearly extensions at the charterer’s option. The revenue backlog expected to be generated by this fixture, assuming all options are exercised, is about $63.3 million. For 2021 alone, this charter is expected to contribute $9.3 million in revenue.
Evangelos Pistiolis, the President and Chief Executive Officer of the Company, said:
"The M/T Eco West Coast, is the first of 5 crude oil vessel carriers of our newbuilding program. One more Suezmax is expected to be delivered during May 2021 and 2 VLCCs and 1 Suezmax are expected to be delivered during the first quarter of 2022. In line with our strategy, all vessels are of very high specification, fitted with scrubbers, constructed at Hyundai Shipyards in South Korea and are contracted to commence profitable time charter employment contracts, mainly to major oil traders, upon their delivery from the shipyard.
The two suezmax vessels delivered in 2021 alone have an expected revenue backlog, assuming all options are exercised, of about $126.6 million and are expected to contribute $17.1 million in 2021 revenue.
As of April 1, 2021, the expected revenue backlog of our fleet for the fixed period of our time charters, stands at about $255 million, including partially owned vessels at their respective percentages. As of the same date, the Company’s projected charter coverage is as follows:
Year 2021 96% 2022 80% 2023 64% 2024 44% 2025 12% 2026 8% 2027 1%