TOP Ships Announces Amendment of Time Charter at a Higher Daily Rate

Core Viewpoint - TOP Ships Inc. has amended the time charter agreement for its Suezmax tanker vessel M/T Eco Oceano, increasing the charter rate and changing the duration of the agreement [1][2]. Group 1: Charter Agreement Details - The amended time charter duration is set for 5 years starting from January 1, 2026 [2]. - The new time charter rate is $30,000 per day, up from the previous rate of $24,500 per day [2]. - The Charterer has a purchase option for the vessel, exercisable only during February 2027, at a price of $70 million [2]. Group 2: Approval Process - The amendment was approved by an independent committee of the board of directors [3]. - A fairness opinion was obtained from an independent financial advisor to ensure the amendment's fairness [3]. Group 3: Company Overview - TOP Ships Inc. is an international owner and operator of modern, fuel-efficient eco tanker vessels [4]. - The company focuses on transporting crude oil, petroleum products (both clean and dirty), and bulk liquid chemicals [4].