TOP Ships buys scrubber-fitted MR trio

Nasdaq-listed tanker owner TOP Ships has acquired three Medium Range (MR) tankers that are being built at the Hyundai Mipo shipyard in South Korea.

Illustration; Image Courtesy: Flickr/Kees Torn under CC license

The ships were bought in an $18 million acquisition from a company affiliated with the company’s Chief Executive Officer Evangelos J. Pistiolis.

The ultra-high specification scrubber-fitted 50,000 dwt eco MR product/chemical tankers are scheduled to be delivered in the first quarter of 2021.

The consideration will be paid in installments through the vessels’ delivery dates.

TOP Ships anticipates it will enter into financing arrangements for the vessels prior to their delivery from the shipyard.

Each of the three product tankers has time charters with Central Tankers Chartering Inc, a company affiliated with the Company’s Chief Executive Officer, for a firm term of five years plus two additional optional years. The total potential gross revenue backlog from these contracts is about $127.5 million.