TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced Thursday (Oct 25) that it has agreed to enter into time charter employment with Clearlake Shipping Pte Ltd for its product/chemical tanker M/T Eco Fleet.

TOP Ships Inc. Announces New 3 Year Time Charter With Clearlake
Caption: Chemical/Oil Products Tanker ECO Fleet - Image courtesy of Jan van Kan

The vessel will be employed for a firm period of 36 months plus two additional 12 month periods, at the charterer’s option. The revenue backlog expected to be generated by this fixture, assuming all options are exercised, is about $25 million.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: “We are happy to have concluded a new fixture with a high quality charterer which, in line with our strategy, further extends our charter coverage. Following this fixture, total gross revenue backlog for the fixed charter period of operating vessels, from June 30, 2018, stands at about $211 million, increasing to about $225 million when adding the 50% of our joint venture vessels.”

Following the above- mentioned time charters, the Company’s projected charter coverage is as follows:

 Year  Operating fleet  Operating fleet including vessels partly owned through joint ventures
 2018  100%  100%
 2019  92%  93%
 2020  91%  92%
 2021  53%  51%
 2022  14%  12%
 2023  8%  7%
 2024  2%  2%

Source: TOP Ship