Athens, Greece: Top Ships took delivery of the 'Hongbo' from SPP Plant & Shipbuilding, South Korea on August 3.
The 'Hongbo' is the last of six 50,000DWT product/chemical tankers delivered within 2009. The vessel has entered into a bareboat time-charter employment for a period of ten years at a daily gross rate of US$14,550.
In addition, Top Ships said that it has issued 12,512,400 shares of its common stock to its wholly-owned subsidiary, Hongbo Shipping, which shares of stock were pledged in favour of DVB Bank America (DVB) as security for a bridge loan that DVB has provided for part of the financing of the 'Hongbo'. This pledge will be terminated upon repayment of the bridge loan.
In other news, Top Ships has obtained a waiver from the Royal Bank of Scotland (RBS) until March 31, 2010, in relation to the breach of certain financial covenants under the RBS term loan.
