TOP Ships Agrees 3-Year Charter with Clearlake

Greek shipowner TOP Ships has agreed to enter into a time charter deal with Singapore-based Clearlake Shipping for one of its product/chemical tankers.

The company informed that the 39,208 dwt, 2015-built Eco Fleet would 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 USD 25 million.

“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,” Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said.

“Following this fixture, total gross revenue backlog for the fixed charter period of operating vessels, from June 30, 2018, stands at about USD 211 million, increasing to about USD 225 million when adding the 50% of our joint venture vessels.”

Separately, the company informed that it is offering an aggregate of 2 million of its common shares and warrants to purchase up to 3.5 million of common shares. The warrants will have an exercise price of USD 1.50 per share, TOP Ships said, adding that the warrants will be exercisable for four months from the date of issuance.