Top Ships Inc. has secured a three‑year time‑charter extension for its 50,000‑dwt MR product tanker, M/T Eco Marina Del Ray, with commercial manager Weco Tankers A/S. The new agreement locks in a daily rate of $18,250, creating a $20 million gross revenue backlog over the life of the charter.
The daily rate is slightly above the clean MR average of $18,112 per day reported in mid‑November 2025, indicating that the vessel’s modern, fuel‑efficient design and recent sale‑leaseback financing— which generated $27.2 million in proceeds— have positioned it favorably in a market where MR tanker rates are under pressure from reduced U.S. gasoline demand and increased West African production. Weco Tankers, which manages a fleet of eight MR tankers with a combined capacity of 398,236 dwt, has chosen to extend the charter, underscoring confidence in the vessel’s performance and the stability of cross‑trade routes.
Top Ships’ recent financials show a 12‑month revenue of $87.87 million and a gross profit margin of 63.45%. The company’s fleet, totaling 1,435,000 dwt across product, chemical, Suezmax, and VLCC vessels, benefits from a conservative leverage ratio of about 52% after the sale‑leaseback transaction. The new charter adds a predictable income stream that complements the company’s broader strategy of deploying modern, low‑emission tankers in long‑term agreements.
The extension reinforces Top Ships’ competitive position in the liquid‑cargo market by demonstrating its ability to secure long‑term, high‑rate charters for a modern fleet. The stable revenue from the three‑year agreement provides financial resilience amid cyclical market conditions and supports the company’s ongoing investment in fleet modernization and environmental compliance.
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