Clearlake extends charter of Greek Pistiolis Top Ships for Tanker Duo

Greek shipowner Evangelos Pistiolis of Top Ships has agreed to extend the employment of two suezmaxes with Clearlake Shipping.

The tanker owner Top Ships will extend for up to 36 months the time charter agreements with Clearlake Shipping for its two Suezmax vessels, Eco West Coast and Eco Malibu.

The Nasdaq-listed company said the extended period, which starts after the expiration of the present time charters in the first quarter of 2024, has a firm duration of a minimum of 30 months and a maximum of 36 months at a gross daily rate of $32,850.

All other main terms of the contracts including the charterer’s option to extend the charters for two additional years at a gross daily rate of $34,750 for the first year and $36,750 for the second year, remain unchanged.

The additional revenue backlog expected to be generated by this time charter extension is about $72 million for the maximum firm period. 

Evangelos Pistiolis, the president, CEO and director of Top Ships said: “We are very pleased to have concluded this time charter extension more than half a year ahead of the firm period expiration of the present employment of our 2 vessels, taking advantage of the strong rates prevailing in the current tanker market. This is an attestation, from a top-class charterer, of the high level of quality of our vessels as well as the services that we offer.”

Mr. Pistiolis added that after considering the maximum firm duration of this fixture, the total gross revenue backlog as of December 31, 2022 for the firm time charter period of the company´s operating vessels, including 50% of its joint venture vessels, that was previously announced at $280 million, is increased to about $352 million.