TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced today that it has entered into a time charter agreement with Shell Tankers Singapore Private Limited for its 50,000 dwt product/chemical tanker M/T Eco Palm Desert until September 2020. The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount and replaces a pre-existing charter.
Evangelos Pistiolis, President and CEO of the Company, stated: “As of today, we have two vessels that offer exposure in the spot market during a period when the prevailing sentiment is bullish. If the positive market expectations materialize, our results will benefit as a result of this profit sharing arrangement.”
