TOPS $3.10 TOP Ships Announces Sale of the M/T Stainless
Wednesday February 20, 4:37 pm ET
ATHENS, Greece, Feb. 20 /PRNewswire-FirstCall/ -- TOP Ships (Nasdaq: TOPS - News) announced that it has entered into an agreement for the sale of M/T Stainless, a 149,599 Dwt, double-hull Suezmax tanker built in 1992. Under the agreement, the purchaser will bareboat charter the M/T Stainless until the vessel's final delivery, which is expected to take place by the end of July 31, 2008. The purchaser is paying to the Company a net daily hire of $20,000 beginning January 31, 2008 until final delivery. The total amount of the charter hire received by the Company will be deducted from the sale price.
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. After giving effect to the sale of the M/T Stainless, the Company operates a combined tanker and drybulk fleet as follows:
-- a fleet of 18 tankers, consisting of 10 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. Eleven
of the Company's 18 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 four drybulk vessels with delivery of two additional
drybulk vessels expected during February and March 2008. Including
these two vessels, three of the Company's six drybulk vessels will
have period charter contracts for an average period of 18 months.
AI
