Top Ships secures $100 million charter extension for MR tanker duo

Greek MR tanker owner and operator Top Ships has secured long-term extensions to charter two environmentally friendly MR tankers at favorable rates.

Top Ships said the 50,000-tonne tankers Eco Yosemite Park and Eco Joshua Park were granted seven-year extensions. The company’s subsidiaries own 50% of the vessels, while subsidiaries of the Gunvor Group own the other 50%.

Sails will commence on August 1, 2024, with a total daily charter rate of $19,500, a 12% increase over current daily charter rates. Clearlake Shipping, a Gunvor-owned company, charters the vessels.

All other terms will remain the same as the existing timeshare charter agreements, including the option for the tenants to extend each timeshare charter for a further two years.

Revenues generated by both subsidiaries from these franchises are expected to reach approximately $100 million during the period.