TOP SHIPS Inc (NASDAQ:TOPS) is a company that provides transportation services for a large number of companies. So far it has enough tanker vessels that facilitate the transportation of bulk liquid chemicals and crude oil. It was today that the business giant disclosed details regarding its entry into a charter with Clearlake Shipping. That is in line with the company’s product tanker M/T Ecofleet.
Current state of affairs
The vessel undertakes the assigned operation for over 36 months. However, there will also be more 12 month periods but of course the charterer provides the required guidance. A person well conversant with the matter outlines that they anticipate the fixture to help them generate almost $25 million.
The Director of the Company of the company Evangelos Pistiolis opined, “We are happy to have concluded a new fixture with a high quality charterer which, in line with our strategy, further extends our charter coverage. Following this fixture, total gross revenue backlog for the fixed charter period of operating vessels, from June 30, 2018, stands at about $211 million.”
Pistiolis exudes confidence that the increase might get to the $225 million mark. That is in close consideration to what the company’s vessels bring in as well.
The business guru sometime back took a drastic move. After some elongated talks, it finally made up its mind to sell six of its ship owning subsidiaries.
A close outlook
The company entered the business transaction with one of the trusted affiliates of AMCI Poseidon investment fund. For over quite a long period of time the subsidiaries have been operating about six of the vessels.
The business guru sees the $173 million as a good amount and already plans on the way forward. It sees its shareholders as the backbone of its success in business and intends to incorporate them in decision making.
In a statement, it outlined that the shareholder had the final word on the deal. Their consent would mean that the deal goes through and if they disapproved nothing would proceed. The company has several obligations to meet. One of them will be to pay its existing liabilities.