ATHENS, Greece, April 19 /PRNewswire/ -- TOP Tankers Inc. (Nasdaq: TOPT), announced today that it took delivery of the M/T Soundless, a 46,185 Dwt double-hull Handymax tanker built in 1999 by Hyundai Heavy Industries Co., Ltd. of the Republic of Korea. This delivery is the last of three Handymax sisterships that the Company agreed to acquire for a total of US$124.5 million and has been financed by cash and long-term debt.
The vessel will immediately enter into a five-year time charter with Glencore SA, one of the world's largest oil traders. Consistent with the Company's employment strategy of seeking to minimize its downside risk, securing significant cash-flows and benefiting from participating in possibly higher spot rates, the new time charter will have an accretive base rate and a profit-sharing provision.
About TOP Tankers Inc.
TOP Tankers Inc. is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company expects to own and operate a fleet of 24 tankers, consisting of nine Suezmax tankers, 14 Handymax tankers and one Handysize tanker, with a total carrying capacity of approximately 2.03 million Dwt. By Dwt, 98.5 percent of the Company's fleet will be double-hull and 91.7 percent of the fleet will be sister ships.
Forward Looking Statement
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 to scheduled and unscheduled drydocking, changes in TOP Tankers' 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.
+1-212-691-8087 +30-210-697-8199
michaelm@allencaron.com snt@toptankers.com
© 2005 PR Newswire
