Top Ships Inc. announces time charter extensions at very strong rates and revenue of $100 million

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that its 50% subsidiaries which own M/T Eco Yosemite Park and M/T Eco Joshua Park entered into agreements with their current charterers to extend their time charter employment at higher rates.

Specifically, both MRs will commence 7-year time charters on August 1, 2024 at a gross daily hire rate of $19,500, an increase of 12% from the current daily hire rate. 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 2 subsidiaries from these charters is about $100 million for the firm period.