TOP Ships Inc. announces commencement of time charter at very strong rate

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has commenced its previously announced time charter employment contract with a high-quality counterparty for its product/chemical tanker M/T Eco Marina Del Rey. The new time charter will have a firm duration of 3 years with an additional year at the charterer’s option.

The revenue backlog expected to be generated by this fixture is about $22.4 million for the firm period and about $30.7 million if the charterer exercises the option to extend for one additional year.