Top Ships Launches Fleet Modernization

An international maritime shipping company Top Ships has placed an order for a 39,000-dwt ECO-type product/chemical tanker with Hyundai Mipo Dockyard, the Greek shipowner revealed in a regulatory filling.

The tanker, worth USD 35 million, will be completed and delivered by the Korean shipbuilder, specializing in product carriers, in 2015.

The newbuilding is financed from the proceeds of the sale of the Top Ships’ fleet of six vessels, which is aimed at acquisition of new vessels.

The old fleet was sold to an affiliate of the AMCI Poseidon Fund LP for an aggregate cash consideration of approximately $173 million, less approximately $135 million in debt and swap obligations of Top Ships assumed by the buyers.

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Shipbuilding Tribune Staff, December 13, 2013