TOP Ships’ JV Offloads MR2 Pair

Greek tanker owner and operator TOP Ships said that its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to dispose of both vessels.

Buyers of the two 50,000 dwt MR2 chemical/product tankers have not been disclosed.

As informed, the vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020.

Depending on several factors, TOP Ships estimates that it will incur impairment charges ranging from USD 1.5 million to USD 3.5 million due to these sales that will affect the year ended 2019 financial results and also estimates the cash release to the company to range from USD 19 million to USD 21 million.

Built in Vietnam in 2018, Palm Springs and Holmby Hills are owned by a joint venture including TOP Ships and Singapore-based Clearlake, according to data provided by VesselsValue.