TOP Ships Inc. Announces Commencement Of Time Charter At Very Strong Rate An Increase Of 36% Over Previous Time Charter; Revenue Backlog Expected To Be Generated By This Fixture Is About $22.4M For The Firm Period And About $30.7M If The Charterer Exercises The Option To Extend For One Additional Year
Portfolio Pulse from Benzinga Newsdesk
TOP Ships Inc. has started a time charter for its tanker M/T Eco Marina Del Rey at a rate 36% higher than its previous charter, expecting to generate $22.4M in revenue over the firm 3-year period, and potentially $30.7M if extended for an additional year.
May 02, 2024 | 1:45 pm
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TOP Ships Inc. has secured a time charter at a 36% higher rate than before, with potential revenue of $22.4M to $30.7M.
The commencement of a time charter at a significantly higher rate than the previous charter indicates a strong revenue outlook for TOP Ships Inc. This positive development is likely to be viewed favorably by investors, potentially leading to an increase in the stock price in the short term. The substantial increase in the charter rate and the expected revenue backlog provide a clear indication of the company's strong market position and operational efficiency.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100