TOP Ships ( NASDAQ: TOPS ) +17.5% pre-market Monday after saying it entered into a time charter employment contract with "a high-quality counterparty" for the M/T Eco Marina Del Rey product/chemical tanker.
The company said the time charter will have a firm duration of three years with an additional year at the charterer's option.
TOP Ships ( TOPS ) expects the fixture will generate a $22.4M revenue backlog for the firm period and $30.6M if the option is extended for an additional year.
"We are very happy to have concluded this new fixture of M/T Eco Marina Del Re y more than a year ahead of the expiry of its present employment and at a daily rate which is ~36% higher than the current rate, thereby taking advantage of the strong rates prevailing in the current tanker market," CEO Evangelos Pistiolis said.
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Top Ships wins new TCE at 'very strong rate,' hikes revenue backlog to $280M