Top Ships has amended the time charter agreement for its Suezmax tanker, Eco Oceano, with Central Tankers Chartering.
Under the new terms, which became effective on January 1, 2026, the daily hire rate has increased from $24,500 to $30,000.
The amended agreement establishes a fixed five-year term, replacing the previous charter which was scheduled to run until March 2037.
The charterer, an affiliate of the company's CEO Evangelos J. Pistiolis, has also been granted a purchase option for the vessel.
The purchase option allows the charterer to acquire the vessel for $70 million. This option is exercisable exclusively during the month of February 2027.
An independent committee of the board of directors reviewed and approved the amendment.
To ensure the terms were fair to the company's shareholders, the company noted that the committee obtained a formal fairness opinion from an independent financial advisor.
The Eco Oceano is a Marshall Islands-flagged tanker built in 2022. It has a deadweight tonnage of 157,286.
