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Stock impact report

TOP Ships Inc. Announces Time Charter and Loan Agreement

TOP Ships Inc. (TOPS) 
US:NASDAQ Investor Relations: topships.org/investors-relations
Company Research Source: GlobeNewswire
ATHENS, Greece, Sept. 13, 2017 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company (the “Company”), announced today that upon its delivery from Hyundai in the third quarter of 2018, M/T Eco Palm Desert will enter into time charter employment with Central Ship Chartering Inc, a related party, for a firm duration of three years. The charterer has the option to extend the firm employment period by two additional years. The Company expects a total gross revenue backlog associated with this time charter of up to $27.5 million including the optional periods. Following the signing of the abovementioned time charter party, the Company’s charter coverage is as follows: Year Operating fleet Operating fleet including vessels partly owned through joint ventures2017 100% 100%2018 94% 95%2019 67% 73%2020 32% 45%2021 19% 33% The above charter coverage percentages are calculated as the ratio of number of days vessels are expected to be hired pursuant to the fixed Show less Read more
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