TOP Ships Takes Delivery of Its First Newbuild MR Tanker

TOP Ships Inc., an international owner and operator of MR tanker vessels focusing on the transportation of petroleum products, has taken delivery of the EShips Taweelah.

The newbuild is a 50,000 dwt fuel efficient “ECO” MR product tanker and the first of six vessels under construction in TOP Ship’s fleet. Another five vessels are scheduled for delivery between the first quarter 2015 and the third quarter of 2016.

Concurrent with the successful completion of TOP Ship’s recent public offering, which raised gross proceeds of more than $20 million, the company engaged RedChip Companies, Inc.
(RedChip) to lead its investor relations efforts.

Dave Gentry, President and CEO of RedChip, stated: “The global seaborne transportation industry moves more than 1.8 billion metric tons of petroleum products annually. We’re excited
to bring the Top Ships story to our global investor audience of retail and institutional investors as they capitalize on this massive market opportunity.”

The EShips Taweelah is on a time charter for two years, plus one additional year at the charterer’s option, to EShips Tankers Ltd, at $16,000 per day for the first two years and $17,250 per day for the optional year.

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Press Release, June 24, 2014