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Stock Market & Financial Investment News

News Breaks
July 14, 2014
16:23 EDTTOPSTOP Ships files to sell $50M of common stock
Each common share sold in this offering includes a preferred stock purchase right that trades with the common shares.
News For TOPS From The Last 14 Days
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April 10, 2015
16:07 EDTTOPSTOP Ships announces corporate developments
The company took delivery of the M/T StenaWeco Evolution, a 50,000 dwt fuel efficient "ECO" MR product tanker, the second of six vessels under construction in the company's fleet. The remaining four vessels are scheduled for delivery between the third quarter and the third quarter of 2016. The previously announced sale and leaseback of M/T StenaWeco Evolution was consummated concurrently with delivery of the vessel from the shipyard. The net proceeds after taking into account the vessel's delivery installment and relevant fees and expenses are approximately $8M and will be used to finance part of the company's shipyard installments in relation to its newbuilding vessels and for working capital and general corporate purposes. The M/T StenaWeco Evolution has been chartered back on a bareboat basis for seven years at a daily bareboat hire of $8,625. The company has the option to buy back the vessel from the end of year three up to the end of year seven at a purchase price which is calculated based on when the option is exercised. Indicatively, if the option is exercised at the end of year three, the purchase price will be $25.85M. The M/T StenaWeco Evolution has commenced its time charter employment with Stena Weco A/S.

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