TOP Ships Looking to Secure Funding for Newbuilding Trio

Greek shipowner TOP Ships is in talks on financing deals related to its three newbuildings under construction in South Korea.

The company said that it is in discussions and has received indicative terms from financial institutions for the financing of the new vessels.

The units in question are the M/T’s Eco California, Eco Bel Air and Eco Beverly Hills, which are expected to be delivered in January, April and May 2019 respectively, from Hyundai in South Korea.

“The high quality of these vessels together with the high quality time charters attached, make them attractive to financiers,” the company explained.

The company unveiled other developments, including the decision to terminate the equity distribution agreement with Maxim Group LLC providing for its “at-the-market” equity offering program (ATM offering), effective immediately.

Furthermore, the company informed that it is close to finalizing an increase in the Family Trading Inc. credit facility, an affiliate of its CEO and controlling shareholder Mr. Evangelos Pistiolis.

The company is also in discussions with existing senior lenders as well as with other finance providers with an objective to secure additional liquidity.