TOP Ships Announces Termination of Four Leases and New Time Charter
29 Junio 2009 - 4:44PM
PR Newswire (US)
ATHENS, Greece, June 29 /PRNewswire-FirstCall/ -- TOP Ships Inc.
(NASDAQ: TOPS) today announced that it has terminated its bareboat
charters for four Handymax vessels: the Faithful (DWT 45,720, built
1992), the Doubtless (DWT 47,076, built 1991), the Spotless (DWT
47,100, built 1991) and the Vanguard (DWT 47,100, built 1992), and
redelivered the vessels to their owners after paying $11.75 million
in termination fees and expenses. Additionally, the Company
announced today that the MV Astrale, a 75,933 DWT Panamax drybulk
vessel, has entered into a time charter employment with Daeyang
Shipping Co. Ltd., a Korean charterer, for a period of two years at
a gross rate of $18,000 per day. About TOP Ships Inc. TOP Ships
Inc., formerly known as TOP Tankers Inc., is an international
provider of worldwide seaborne crude oil and petroleum products and
drybulk transportation services. The Company operates a combined
tanker and drybulk fleet as follows: -- A fleet of eight
double-hull Handymax tankers, with a total carrying capacity of
approximately 0.4 million dwt, of which 64% are sister ships. Three
of the Company's Handymaxes are on time charter contracts with an
average term of nine months with all of the time charters including
profit sharing agreements above their base rates. Five of the
Company's Handymax tankers are fixed on a bareboat charter basis
with an average term of eight and a half years. -- One newbuilding
product tanker, which is expected to be delivered in 2009. The
expected newbuilding has a fixed rate bareboat employment agreement
for a period of ten years. -- A fleet of five drybulk vessels with
a total carrying capacity of approximately 0.3 million dwt, of
which 47% are sister ships. All of the Company's drybulk vessels
have fixed rate employment contracts for an average period of 27
months. Forward Looking Statement Certain statements and
information included in this release constitute "forward-looking
statements" within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements reflect our current views with respect
to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The words "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "will,"
"may," "should," "expect," "pending" and similar expressions
identify forward-looking statements. Important factors that, in our
view, could affect the matters discussed in these forward-looking
statements include, general market conditions, including
fluctuations in charter rates and vessel values, changes in the
demand for our vessels, offers that may be received from third
parties, potential liability from pending or future litigation,
general domestic and international political conditions, and other
factors. Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks
and uncertainties. Contact: Michael Mason (investors) Alexandros
Tsirikos Allen & Caron Inc TOP Ships Inc 212 691 8087 011 30
210 812 8180 DATASOURCE: TOP Ships Inc. CONTACT: Investors, Michael
Mason of Allen & Caron Inc, +1-212-691-8087, , for TOP Ships
Inc.; or Alexandros Tsirikos of TOP Ships Inc, 011 30 210 812 8180,
Web Site: http://www.topships.org/
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