TOP Ships VLCC Legio X Exits Hormuz Safely as Vessel Values Rise 13%
TOPS•M/T Legio X, TOP Ships’ 2022-built VLCC, safely exited the Strait of Hormuz after remaining in the waterway throughout recent navigation disruptions. Comparable VLCC values have risen about 13% since TOP’s March 10 net asset value estimate, and the vessel continued uninterrupted revenue under its existing time charter.
1. Safe Exit of M/T Legio X
TOP Ships’ 2022-built VLCC M/T Legio X exited the Strait of Hormuz safely on June 24 after remaining in the waterway since the onset of navigation disruptions, restoring full operational control of the vessel.
2. Uninterrupted Time Charter Earnings
Throughout the period of restricted navigation, Legio X continued to generate revenue under its existing time charter without any interruption to contracted cash flows, maintaining consistent earnings.
3. 13% Increase in VLCC Values
Independent broker estimates show that values of comparable Very Large Crude Carriers have increased by approximately 13% since the March 10 net asset value estimate, enhancing the company’s asset base.
4. TOP Ships’ Fleet and Strategy
TOP Ships Inc. owns and operates modern, fuel-efficient ‘ECO’ tanker vessels transporting crude oil and bulk liquid chemicals, focusing on charter revenue stability and fleet valuation growth.
