Athens-based tanker owner and operator TOP Ships has reached a time charter agreement with Shell Tankers Singapore Private Limited for one of its product/chemical tankers.
Under the deal, the company’s 50,000 dwt M/T Eco Palm Desert would be hired until September 2020.
The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount and replaces a pre-existing charter, TOP Ships explained.
“As of today, we have two vessels that offer exposure in the spot market during a period when the prevailing sentiment is bullish. If the positive market expectations materialize, our results will benefit as a result of this profit sharing arrangement,” Evangelos Pistiolis, President and CEO of TOP Ships, said.