A company linked to Greek shipowner Evangelos J. Pistiolis has knocked six years off a tanker time-charter deal with Top Ships, a company also led by Mr Pistiolis.

But New York-listed Top Ships said that chief executive Pistiolis’ Central Tankers Chartering is now paying higher daily rate to operate the 157,286-dwt suezmax tanker Eco Oceano, 2022-built.

Specifically, Top Ships has announced an amendment of the time charter deal for its tanker Eco Oceano at a higher daily rate with Central Tankers Chartering Inc., a company affiliated with the company’s chief executive officer, director and major shareholder, Evangelos J. Pistiolis.

In a securities and exchange commission filing, the Greek tanker company Top Ships said the duration of the amended time charter is five-years starting from January 1, 2026 and the time charter rate has been increased to $30,000 per day.

Prior to the amendment, the duration of the time charter was until March 2037, and the time charter rate was $24,500 per day.

As part of the amendment the charterer has a purchase option exercisable only during February 2027 for $70m.