TOP Tankers Inc announced today that it has mutually agreed with Vitol SA to terminate four time-charter contracts for the vessels Vanguard, Spotless, Restless and Doubtless, all double-hull Handymax tankers, built
by Halla Engineering & Heavy Industries Limited of the Republic of Korea. The vessels will immediately commence a three-year time-charter contract with Glencore SA. Under the new arrangements, the vessels will receive a base rate of $15,250 per vessel per day, plus 50:50 profit sharing of the time-charter equivalent, or TCE rate, generated above the base rate.TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company operates a fleet of 24 tankers, consisting of 13 double-hull Suezmax tankers and 11 double-hull Handymax tankers, with a total carrying capacity of approximately 2.5 million dwt, of which 88.2% are sister ships. Fourteen of the Company's 24 tankers are on time-charter contracts with an average term of over three years with all but two of the time charters including profit sharing agreements.
by Halla Engineering & Heavy Industries Limited of the Republic of Korea. The vessels will immediately commence a three-year time-charter contract with Glencore SA. Under the new arrangements, the vessels will receive a base rate of $15,250 per vessel per day, plus 50:50 profit sharing of the time-charter equivalent, or TCE rate, generated above the base rate.TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company operates a fleet of 24 tankers, consisting of 13 double-hull Suezmax tankers and 11 double-hull Handymax tankers, with a total carrying capacity of approximately 2.5 million dwt, of which 88.2% are sister ships. Fourteen of the Company's 24 tankers are on time-charter contracts with an average term of over three years with all but two of the time charters including profit sharing agreements.