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Monday, May 25, 2009

TOP Ships Announces Delivery of Its Fifth Newbuilding Vessel

Saturday, 23 May 2009

TOP Ships Inc. announced yesterday that it has taken delivery of the M/T "BRITTO" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The "BRITTO" is the fifth of six 50,000 dwt product / chemical tankers to be delivered within 2009. The "BRITTO" has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,550.
TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services. The Company operates a combined tanker and drybulk fleet as follows:
•    A fleet of twelve double-hull handymax tankers, with a total carrying capacity of approximately 0.6 million dwt, of which 76% are sister ships. Seven of the Company's handymaxes are on time charter contracts with an average term of eleven months with all of the time charters including profit sharing agreements above their base rates. Five of the Company's handymax tankers are fixed on a bareboat charter basis with an average term of eight and a half years.
•    One newbuilding product tanker, which is expected to be delivered in 2009. The expected newbuilding has fixed rate bareboat employment agreement for a period of ten years.
•    A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 47% are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 23 months.
Source: Top Ships Inc.