$20 million agreement with Weco Tankers and closing of a $27 million sale & leaseback package with a Chinese lender
Athens – Top Ships continues the financial and commercial rebalancing of its fleet with a new charter agreement and the completion of a major refinancing operation. The Greek shipowner, listed in New York, has signed a three-year extension with Weco Tankers for the Mr Eco Marina Del Rey, a 50,000 dwt product tanker. The contract, set at $18,250 /day, brings approximately $20 million additional dollars into the revenue backlog.
Simultaneously, the company led by Evangelos Pistiolis has finalized the previously announced sale & leaseback with a primary Chinese financial institution. The operation concerns two VLCCs, one Suezmax and one MR, and generates approximately $27.2 million in net liquidity after the repayment of pre-existing debts. The group will, however, maintain operational control of the vessels.
Top Ships thus continues to consolidate a fleet composed of modern and efficient units, predominantly employed with medium-long term contracts, and strengthens its position in a product tanker market still supported by stable demand and favorable rates.
