Top Ships jumps after new time charter, rev backlog update

TOP Ships

13/02/2023 14:10

** U.S.-listed shares of Greek shipping firm up ~16% at
$1.52 premarket after announcing new time charter
    ** Co says entered into a time charter employment contract
with a high-quality counterparty for its product/chemical tanker
    ** New charter to commence in Q1 2024 for firm duration of 3
yrs
    ** Rev backlog expected to be generated by this fixture is
~$22.4 mln for the firm period, ~$30.6 mln if charterer
exercises option to extend for one additional year
    ** “We are very happy to have concluded this new fixture of
M/T Eco Marina Del Rey more than a year ahead of the expiry of
its present employment and at a daily rate which is about 36%
higher than the current rate, thereby taking advantage of the
strong rates prevailing in the current tanker market" - CEO 
    ** As of Dec 31, 2022, gross rev backlog for time charter
period of operating vessels stands at ~$259 mln, increasing to
~$280 mln when adding 50% of jt venture vessels, co says
    ** In Sept, TOPS completed reverse 1-for-20 stock split.
Through Fri close, stock has lost >90% over the past year
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))