Global marine transportation company TOP Ships has terminated its bareboat charters for four Handymax vessels and returned the ships to their owners.

The Faithful, Doubtless, Spotless and Vanguard have all been redelivered after TOP Ships paid $11.75m in termination fees and expenses.

In addition, TOP Ships has entered into a two-year charter contract with Korean charterer Daeyang Shipping for its 75,933dwt Panamax drybulk vessel MV Astrale, at a gross rate of $18,000 a day.