Top Ships, a Greek provider of seaborne transportation services, has agreed with Armada Singapore, to reduce the time-charter rate for mv Astrale.

Top Ships has said that the time-charter rate for mv Astrale will be reduced from 72,000 dollars to 40,000 dollars for the three remaining hire payments until the scheduled termination of the time charter and redelivery of the vessel to the owners, which is expected to take place in April 2009. The loss of hire to the company is estimated to be approximately 1,500,000 dollars.