ATHENS, Greece, May 16 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today that it has entered into a time-charter contract with a major South American oil company for the M/T Flawless, a 154,970 DWT double-hull Suezmax tanker, built in 1991 by Hyundai Heavy Industries Co. Ltd of the Republic of Korea.
The vessel is expected to commence the new time-charter in mid-June 2007 for a period of one year at a rate of $44,500 per day. The charterers have the option to extend the contract for a period of one year at the conclusion of the charter.
Evangelos J. Pistiolis, President and Chief Executive Officer commented, "The new time-charter of the M/T Flawless represents one of the highest rates achieved in the Suezmax period market in the second quarter of 2007. It is our second vessel on time-charter with this particular charterer, which once again proves our commitment to provide high quality transportation services to our charterers."
The following table presents the Company's updated fleet list and
employment:
Profit
Daily Sharing
Dwt Year Charter Base Above Base
Built Type Expiry Rate Rate (2007)
12 Suezmax
Tankers
Timeless(C) 154,970 1991 Spot
Flawless(C) 154,970 1991 Time Charter Q3/2008(A) $44,500 None
Stopless(C) 154,970 1991 Spot
Priceless(C) 154,970 1991 Time Charter Q3/2008 $35,000 50%
thereafter
Faultless(D) 154,970 1992 Spot
Noiseless(D) 149,554 1992 Time Charter Q2/2010 $37,000(1) None
Stainless(D) 149,599 1992 Spot
Endless(D) 135,915 1992 Time Charter Q4/2008(E) $36,500 None
Limitless(D) 136,055 1993 Spot
Stormless 150,038 1993 Time Charter Q4/2009 $36,900 None
Ellen P. 146,286 1996 Spot
Edgeless 147,048 1994 Spot
11 Handymax
Tankers
Victorious(B) 47,084 1991 Time Charter Q3/2009 $14,000 50%
thereafter
Sovereign(B) 47,084 1992 Time Charter Q3/2009 $14,000 50%
thereafter
Invincible(B) 47,084 1992 Time Charter Q3/2009 $14,000 50%
thereafter
Relentless(B) 47,084 1992 Time Charter Q3/2009 $14,000 50%
thereafter
Vanguard(C) 47,084 1992 Time Charter Q1/2010 $15,250 50%
thereafter
Restless(B) 47,084 1991 Time Charter Q4/2009 $15,250 50%
thereafter
Spotless(C) 47,094 1991 Time Charter Q1/2010 $15,250 50%
thereafter
Doubtless(C) 47,076 1991 Time Charter Q1/2010 $15,250 50%
thereafter
Faithful(C) 45,720 1992 Time Charter Q2/2010 $14,500 100% first
$500 + 50%
thereafter
Dauntless 46,168 1999 Time Charter Q1/2010 $16,250 100% first
$1,000 +
50%
thereafter
Ioannis P. 46,346 2003 Time Charter Q4/2010 $18,000 100% first
$1,000 +
50%
thereafter
Total Tanker
DWT 2,304,253
A. Charterers have option to extend contract for an additional one-year
period
B. Vessels sold and leased back in August and September 2005 for a period
of 7 years
C. Vessels sold and leased back in March 2006 for a period of 5 years
D. Vessels sold and leased back in April 2006 for a period of 7 years
E. Charterers have option to extend contract for an additional four-year
period
1. Base rate will change to $36,000 in Q2 2007 and $35,000 in Q2 2008
until expiration.
About TOP Tankers Inc
TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company operates a fleet of 23 tankers, consisting of 12 double-hull Suezmax tankers and 11 double-hull Handymax tankers, with a total carrying capacity of approximately 2.3 million dwt, of which 85% are sister ships. Sixteen of the Company's 23 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TOP Tankers believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TOP Tankers cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, failure of a seller to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, inability to procure acquisition financing, changes in demand for oil and petroleum products, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in our voyage and operating expenses, including bunker prices, dry- docking and insurance costs, changes in governmental rules and regulations including requirements for double-hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TOP Tankers with the US Securities and Exchange Commission.
Contact: Michael Mason (investors) Stamatis Tsantanis, CFO
Allen & Caron Inc TOP Tankers Inc
212 691 8087 011 30 210 812 8199
michaelm@allencaron.com snt@toptankers.com
SOURCE TOP Tankers Inc
-0- 05/16/2007
/CONTACT: Investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087,
michaelm@allencaron.com, for TOP Tankers Inc; or Stamatis Tsantanis, CFO of
TOP Tankers Inc, 011 30 210 812 8199, snt@toptankers.com/
(TOPT)
CO: TOP Tankers Inc
ST: Greece
IN: OIL TRN
SU:
CV-KA
-- LAW064 --
6666 05/16/2007 13:54 EDT http://www.prnewswire.com