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TOP SHIPS ANNOUNCES TWO NEW TIME-CHARTER CONTRACTS FOR ITS
PANAMAX DRYBULK VESSELS
ATHENS, GREECE (March 26, 2008). TOP Ships Inc. (NasdaqGS:TOPS) announced
today that it has entered into a time-charter contract with a Korean charterer for the M/V
Cyclades, a 75,681 DWT Panamax drybulk vessel, built in 2000 in Japan.
The vessel is expected to commence the new time-charter in mid-April 2008 for a period
of three years at a gross rate of $54,250 per day.
Additionally, the Company announced today that it has entered into a time-charter
contract with a European charterer for the M/V Astrale, a 75,933 DWT Panamax drybulk
vessel, built in 2000 in Japan.
The vessel is expected to commence the new time-charter in mid-April 2008, after its
delivery to the Company, for a period of one year at a gross rate of $72,000 per day.
Evangelos J. Pistiolis, President and CEO of TOP Ships Inc. commented: “Consistent
with our commitment to secure strong revenues from our new investment in the dry bulk
sector, we have entered into two period agreements for one and three years. We are also
pursuing opportunities to fix our sixth drybulk vessel on a period charter.”
About TOP Ships Inc.
TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide
seaborne crude oil and petroleum products and of drybulk transportation services. The Company
operates a combined tanker and drybulk fleet as follows:
• a fleet of 17 tankers, consisting of 9 double-hull Suezmax tankers and 8 double-hull
Handymax tankers, with a total carrying capacity of approximately 1.8 million dwt, of
which 85% are sister ships. Twelve of the Company’s 17 tankers are on time charter
contracts with an average initial term of over two years with all but three of the time
charters including profit sharing agreements above their base rates. In addition, the
Company has ordered six newbuilding product tankers, which are expected to be
delivered in the first half of 2009.
• a fleet of five drybulk vessels with delivery of one additional drybulk vessel expected
during April 2008. Including this vessel, five of the Company’s six drybulk vessels will
have period charter contracts for an average period of 20 months.
Top Ships Press Release
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