TOP takes delivery of the Lichtenstein for long-term employment

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Evangelos Pistiolis operated TOP Ships Inc has announced that it has taken delivery of the Lichtenstein from SPP Plant & Shipbuilding in Korea and will start a long term period charter.

The Lichtenstein is the second of six 50,000dwt product/chemical tankers to be delivered within the first and second quarter of 2009. It has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,550.

TOP Ships Inc., formerly known as TOP Tankers, operates a combined tanker and drybulk fleet comprising of nine double-hull handymax tankers, with a total carrying capacity of approximately 400,000 dwt, of which 44% are sister ships. Seven of the company’s handymaxes are on time charter contracts with an average term of one year with all of the time charters including profit sharing agreements above their base rates. Two of the its handymax tankers are fixed on a bareboat charter basis for a period of ten years.

It also has four newbuilding product tankers which are expected to be delivered in the first half of 2009. All the expected newbuildings have fixed rate bareboat employment agreements for periods between seven and 10 years. It also boasts a fleet of five drybulk vessels with a total carrying capacity of approximately 300,000 dwt, of which 47% are sister ships. All of the company’s drybulk vessels have fixed rate employment contracts for an average period of 25 months.