Top Ships News

Taiwan's navy simulated on Thursday an effort to see off enemy ships as it wrapped up three days of New Year drills, sending two of its newest and most advanced warships to lead a flotilla into the Taiwan Strait.China, which views democratically governed Taiwan as its own territory, sends its air force and navy into the skies and waters near the island on a daily basis in what the government in Taipei calls a sustained pressure campaign.Last year China also held two rounds of major war games around Taiwan.At the Zuoying naval base in the southern city of Kaohsiung on the shores of the Strait…

Tanker operator TOP Ships said Wednesday it had taken delivery of the "very high specification" scrubber fitted, 300,000 dwt newbuilding Very Large Crude Oil Carrier (VLCC) vessel M/T Legio X Equestris.Built at the Hyundai Heavy Industries shipyard in South Korea, the vessel is gearing up to start its previously announced time charter in a few days.The charter is with an unnamed major oil trader. The contract is for three years with two yearly extensions at the charterer’s option.

Tanker owner TOP Ships announced on Tuesday that it has taken delivery of a scrubber-fitted 157,000 dwt newbuild Suezmax vessel, Eco Malibu, built at the Hyundai Heavy Industries shipyard in South Korea.The Marshall Island-flagged vessel is scheduled to commence by the end of the week its previously announced time charter employment with Gunvor Group subsidiary Clearlake Shipping for three years with two yearly extension options, TOP Ships said.The Nasdaq-listed company said revenue backlog expected to be generated by the fixture, assuming all options are exercised, is about $63.3 million. For 2021 alone, the charter is expected to generate $7.8 million in revenue, it said.

Greek ship-owning company Top Ships Inc. announced the completion of sale of MT Stenaweco Elegance.According to a press note from the owner and operator of modern, fuel efficient "ECO" tanker vessels, its previously announced sale of tanker was concluded.The vessel was delivered to its new owner, an unaffiliated third party, and the respective loans for which the vessel was a collateral for were fully prepaid.Few days ago, the Greek tanker owner sold its 50% owned MR2 chemical/product tankers  M/T Holmby Hills and M/T Palm Springs.The vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020, said Top Ships.

The international ship-owning company Top Ships announced that its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to sell both vessels to unaffiliated third parties.According to the owner and operator of modern, fuel efficient "ECO" tanker vessels, the vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020.The two MR2 tankers are owned by Evangelos Pistiolis-led Top Ships  in a 50-50 joint venture with Gunvor’s Clearlake Shipping.Depending on when the closing of the sales take place and on prevailing USD Swap rates at the time of closing…

The international owner and operator of modern, fuel efficient "ECO" tanker vessels Top Ships announced that it took delivery of the 50,000 dwt scrubber fitted newbuilding M/T Eco Los Angeles.The product/chemical tanker constructed at the Hyundai Mipo shipyard in South Korea.Meanwhile, the Greek tanker owner has recently entered into agreements to dispose of an MR2 tanker pair.The ships, Stenaweco Elegance and Eco Palm Desert, have been sold to unaffiliated third parties.

TOP Ships, an international owner and operator of modern, fuel efficient ECO tanker vessels, announced that it has sold to unaffiliated third parties its two Medium Range (MR) 1 Product Tankers.According to a press note from the Greek company, the tankers are M/T Eco Fleet and the M/T Eco Revolution (each weighing 39,000 tons).The vessels are expected to be delivered to their new owners during January 2020, it said.Last month, the ship-owning company announced that it had acquired 100% of the issued and outstanding shares of Santa Catalina Inc. and Santa Monica Inc., which are Marshall Islands companies that have entered into new building contracts for two ultra-high specification scrubber-fitted 50,000 dwt MR product/chemical tankers under construction at Hyundai Mipo Dockyard Co., Ltd.

TOP Ships has entered into an agreement with a major Chinese financier in relation to financing of up to $60.2 million for its recently acquired vessels.The Greece-based shipping company said that the two newbuilding ultra-high specification scrubber-fitted 50,000 dwt Medium Range (MR) product/chemical tankers currently under construction at Hyundai Mipo Co., Ltd. in South Korea.The delivery is due in February 2020, said the international owner and operator of modern, fuel-efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products.TOP Ships claims that it has one of the youngest tanker fleets in the world and has 14 vessel fleet.

Greece-based international ship-owning company TOP Ships has acquired two ultra-high specification scrubber-fitted 50,000 dwt Medium Range (MR) product/chemical tankers under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea.The tanker owner stated in a press release that  it has acquired 100% of the issued and outstanding shares of Santa Catalina Inc. and Santa Monica Inc., which are Marshall Islands companies that have originally entered into new building contracts for the two tankers.The MR tankers are scheduled for delivery during February 2020, added the owner and operator of modern, fuel efficient "ECO" tanker vessels.TOP Ships has acquired the shares of both companies from an entity affiliated with its Chief Executive Officer…

The international owner and operator of modern, fuel efficient "ECO" tanker vessels TOP Ships announced that its total revenues increased by 51% to $29.8 million for the six months ended June 30, 2019 compared to $19.7 million for the same period in 2018.Its net loss decreased by 91% to ($0.6) million for the six month ended June 30, 2019 compared to a net loss of ($6.6) million for the same period in 2018.The Greek company said that its adjusted EBITDA increased by 341% to $15.0 million for the six month ended June 30, 2019 compared to $3.4 million for the same period in 2018.Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company…

Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its  issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".

Top Ships, a provider of oil, petroleum products and chemicals transportation services, has concluded a financing agreement with an undisclosed Chinese financier to refinance one of its MR2 tankers.The  Greek tanker owner and operator said in a press release that the gross proceeds from the new financing amount to $25.6m and will be used mainly to refinance the facility of M/T Stena Weco Excellence with Nord LB.The tenor of the new facility is 10 years, it added.The company also announced that it intends to enter into 2 additional Financing Agreements with the same financier at similar terms, in order to exercise its purchase options for the M/Ts Stena Weco Energy and Stena Weco Evolution.

Tanker vessels owner TOP Ships  announced its recently delivered scrubber fitted Suezmax tanker M/T Eco Bel Air, constructed at the Hyundai Samho shipyard in South Korea, commenced a previously announced time charter employment with BP on April 11, 2019.The revenue backlog expected to be generated by this fixture, assuming all options are exercised, is about $47.5 million. For 2019 alone, this charter is expected to increase revenue by $6.6 million.

TOP Ships announced that it took delivery of the 157,000 dwt newbuilding Suezmax vessel M/T Eco Bel Air, constructed at the Hyundai Samho shipyard in South Korea.Evangelos Pistiolis, the President, Chief Executive Officer and Director of the company, said: “The delivery of the M/T Eco Bel Air marks our comeback in the Suezmax tanker segment after almost 11 years. As of today, the total tonnage of our fleet on the water is 737,000 deadweight tonnes and our fleet has an average age of two years.

Top Ships Inc, which owns and operates tanker vessels worldwide, said that it took delivery of the 50,000 dwt newbuilding product/chemical tanker M/T Eco Marina Del Ray.According to the international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, Eco Marina Del Ray is constructed at the Hyundai Mipo shipyard in South Korea.The Greece-based company also said that the vessel is scheduled to commence its five-year charter employment with Cargill on March 18, 2019.The ship-owning company has recently concluded Financing Agreements with a major Chinese leasing company…

TOP Ships Inc.,  an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, concluded Financing Agreements of up to $45.8 million for M/T Eco California, currently under construction at Hyundai Mipo Co., Ltd. in South Korea and for M/T Nord Valiant, with a major Chinese leasing company.

TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced that it has concluded Financing Agreements with a major Chinese leasing company, via sale and leaseback transactions of up to $92.5 million for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The company also announced that it has increased the maximum borrowing capacity of the Family Trading Credit Facility to $25.0 million and that it has drawn down an additional $5.0 million from the Company’s outstanding loan facilities.

Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years. GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels.

Greece-based ship-owning company TOP Ships announced that it has agreed a new time charter employment contract for 2 years with BP Shipping Ltd for its product/chemical tanker M/T Eco Revolution.The international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, said in a press release that the new time charter will commence in January 2019 immediately after the expiry of the present time charter employment contract.The revenue backlog expected to be generated by this fixture is about $10 million.The release quoted Evangelos Pistiolis, the President…

TOP Ships, an international owner and operator of modern announced that, effective immediately, it is terminating the equity distribution agreement with Maxim Group LLC providing for the “at-the-market” equity offering program (ATM Offering).The international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products also announced that it is in discussions and has received indicative terms from financial institutions for the financing of the M/T’s Eco California, Eco Bel Air and Eco Beverly Hills, which are expected to be delivered in January, April and May 2019 respectively…

TOP Ships Inc. an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, has announced that it entered into a sale and leaseback agreement and a 5 year time charter with Cargill International SA (“Cargill Ocean Transportation”) on June 29, 2018, a leading vessel operator and freight-trading business in the bulk shipping sector, for its newbuilding vessel Hull No 8242 currently under construction at Hyundai Mipo Dockyard Co., South Korea. Consummation of the deal is expected to take place on the vessel’s delivery date currently planned for January 2019. Following the sale, the company will bareboat charter back the vessel and immediately put it on a 5 year time charter with Cargill Ocean Transportation.

Tanker vessel owner and operator TOP Ships Inc. announced that it took delivery of its 50 percent owned 49,703 dwt newbuilding product/chemical tanker M/T Eco Palm Springs on May 23, 2018. The vessel was constructed at the Hyundai Mipo Vinashin shipyard in South Korea.On May 26, M/T Eco Palm Springs commenced its three year time charter employment with Clearlake Shipping Pte Ltd.

Top Ships, an international owner and operator of modern, fuel efficient "ECO" tanker vessels focusing on the transportation of petroleum products, announced that it has extended the firm period of the time charter of M/T Eco Fleet with BP Shipping Limited for six months. Following the signing of the above mentioned time charter party extension, the Company’s charter coverage is 100% of the operating fleet including vessels partly owned through joint ventures in the year 2018. The charter coverage of the operating fleet  for the years 2019, 2020 and 2021 will be 83%, 65% and 20% repectively. The above charter coverage percentages are…