Top Ships bags $100m in charter extensions for MR tanker duo

Greek tanker owner and operator Top Ships has won long-term charter extensions for two eco MR tankers at a bumper rate.

Top Ships said that the 50,000 dwt eco MR tankers Eco Yosemite Park and Eco Joshua Park were awarded seven-year extensions. The company’s subsidiaries own 50% of the vessels while the other 50% is owned by a subsidiary of Gunvor Group.

The charters will start on August 1, 2024, at a gross daily hire rate of $19,500, an increase of 12% from the current daily hire rate. The vessels are on hire with Gunvor’s Clearlake Shipping.

All other terms will remain as per the current time charter contracts including the terms of an option of the charterers to extend each time charter for two additional years.

The revenue expected to be generated by the two subsidiaries from these charters is about $100m for the firm period.