TOP Ships Inc. , an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announced today that the Company’s Board of Directors voted unanimously to reduce the size of the Board of Directors from seven Directors to four Directors in order to reduce the Company’s administrative expenses.
In order to achieve such reduction, three of the Company’s existing Directors, Roy Gibbs, Marios Hamboullas and Yiannakis C. Economou, are resigning from the Board of Directors, effective February 15, 2012.
Further, the Company has reached an agreement with Central Mare Inc. that will result in a reduction of approximately 30% in the management fees currently paid by the Company. Specifically, it has been agreed that the accounting and financial reporting fees be reduced by more than 60% in order to reflect the current size of the Company’s fleet. The reduced fees will apply retroactively from January 1, 2012.
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World Maritime News Staff, February 16, 2012