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Stock impact report

TOP Ships Inc. Announces Newbuilding Vessel With Time Charter to Oil Major

TOP Ships, Inc. (TOPS) 
US:NASDAQ Investor Relations: topships.org/investors-relations
Company Research Source: GlobeNewswire
ATHENS, Greece, Nov. 24, 2017 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company (the “Company”), announced today that it has acquired all of the outstanding shares of PCH77 Shipping Company Limited, a Marshall Islands company that owns a new building contract for M/T Eco California, a high specification 50,000 dwt Medium Range (“MR”) product/chemical tanker under construction at Hyundai Mipo Dockyard Co., Ltd. in Korea from an entity affiliated with the Company’s Chairman and Chief Executive Officer, Mr. Evangelos Pistiolis. The Company paid $3.6 million for the outstanding shares and the vessel is scheduled for delivery during January 2019. Upon its delivery, the vessel will be employed under a time charter with an oil major for a firm duration of two years with a charterer’s option to extend for one additional year. The rate of the charter consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount. Th Show less Read more
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