Top Ships: Rises after purchase of three medium-range tankers

TOP Ships

11/05/2020 11:01

** Crude oil tanker operator's shares  TOPS.O  jump 10.8% to
23 cents premarket 
    ** TOPS acquired ownership interest in three Marshall Island
companies for $18 mln, it said on Friday after market hours (https://bit.ly/2zvFV08)
    ** Each company owns a scrubber-fitted eco medium-range
product/chemical tanker, all currently under construction in
Hyundai Mipo shipyard in South Korea
    ** The three product tankers have time charters with Central
Tankers Chartering Inc, a company affiliated with TOP's chief
executive officer
    ** The tankers are scheduled to be delivered in the first
quarter of 2021
    ** Stock had fallen ~74% YTD, as of last close 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
2776; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))