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Top Ships extends time charter for fuel-efficient 'Eco' tanker

Six-month extension with BP Shipping means charter coverage for 2018 is now at 100%.



Image credit: Top Ships


Updated on 04 May 2018 14:20 GMT

Top Ships Inc, the owner of fuel-efficient, medium-range (MR) 'Eco' tanker vessels for the transportation of petroleum products and bulk liquid chemicals, has extended the time charter of the oil/chemical tanker M/T Eco Fleet with BP Shipping by a period of six months.

Built in 2015, the 39,208-deadweight-tonne (dwt) vessel was originally chartered by BP Shipping for a period of three years up until mid-2018. The six-month contract extension means that the expiry of the charter period will now be January 2019.

As a result of the Eco Fleet extension, the company's charter coverage for 2018 is now at 100 percent.

For 2019, the figure is at 86 percent for all ships (including those partly owned), with the charter period for the Eco Fleet and Eco Revolution both set to expire at the start of next year.

Fleet

Greece-based Top Ships owns a young fleet of seven fuel-efficient 'Eco' tanker vessels, with an additional three newbuilds (Eco Palm Desert, Eco Holmby Hills and Eco Palm Springs) slated for delivery in 2018, and a further four ships (Eco California, Hull 8242, Hull S874 and Hull S875) scheduled to be completed next year. The oldest ship in the fleet is the 2014-built Stenaweco Energy.

Earlier this week, Top Ships confirmed that sea trials of the Eco Palm Springs had been completed and that its delivery is expected on May 21, as planned.

The seven ships currently in operation have been chartered out to BP Shipping (Eco Fleet and Eco Revolution), Stena Weco (Stenaweco Energy, Stenaweco Evolution, Stenaweco Excellence and Stenaweco Elegance) and Norden (Nord Valiant).

The yet-to-be-delivered Eco Palm Springs and Eco Holmby Hills (both jointly owned with Gunvor) have already been secured by Clearlake Shipping; the Eco Palm Desert, Hull 8242, Hull S874 and Hull S875 have been contracted to Central Tankers Chartering; and the Eco California will be taken on by Shell.






Related Links:

Top Ships secures time charter for fuel-efficient newbuild
Greece

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