Top Ships Inc. Announces 40% Reduction in Management Fees and 85% Reduction in Executive Pay
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced that it has agreed with its manager to reduce related party fees starting January 1, 2019 as follows.
Management fee for commercial and technical management will be reduced by 40% to $550 per vessel per day.
Executive services fees will be reduced by 85% to $30,000 per month.
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“2019 is the year of completion of our current newbuilding program and as a result we are able to significantly reduce our costs. Following this significant improvement in the fees we expect a significant positive impact on the company’s bottom line.”
Source: Top Ships Inc.