TOP Ships Buys Two MR Newbuilds from CEO Associate

Greek tanker owner and operator TOP Ships has purchased two medium range (MR) product/chemical tanker newbuilds from an entity affiliated with the company’s CEO.

As informed, TOP Ships has acquired 100% of the issued and outstanding shares of Santa Catalina Inc. and Santa Monica Inc., two Marshall Islands companies that have entered into shipbuilding contracts for two ultra-high specification scrubber-fitted 50,000 dwt vessels.

Specifically, the shares of both companies have been bought from Evangelos Pistiolis’ affiliate for USD 14.35 million.

Scheduled for delivery during February 2020, the tankers are currently under construction at South Korean Hyundai Mipo Dockyard.

Following their delivery, the vessels will enter into time charters with Trafigura Maritime Logistics for a firm duration of three years, with the charterer’s option to extend the contracts for two additional years.

TOP Ships said it is in the process of concluding financing agreements for both vessels.

“The new additions to our fleet are in line with our strategy of always operating latest technology ships and increase our gross revenue backlog for the fixed charter period of our vessels by USD 38.3 million, which as of June 30, 2019, stood at USD 165.3 million,” Evangelos Pistiolis, President and CEO of the company, commented.

TOP Ships has a fleet of fourteen tankers, comprising two MR1, ten MR2 and two Suezmax vessels, according to the company’s website.