TOP Ships Nets USD 60.2 Mn for Its Recently Acquired MRs

TOP Ships, a Greek owner and operator of ECO tankers, has inked a financing deal with an undisclosed Chinese financier worth USD 60.2 million for its recently acquired two newbuilding 50,000 dwt Medium Range product/chemical tankers.

The ships were bought earlier this month, from an entity affiliated with Evangelos Pistiolis, the company’s President and CEO.

According to Pistolis, the new additions to the company’s fleet increase TOP Ships’ gross revenue backlog for the fixed charter period of its vessels by USD 38.3 million, which as of June 30, 2019, stood at USD 165.3 million.

The MR tankers are currently under construction at Hyundai Mipo Co. in South Korea and are due for delivery in February 2020. Once completed, they will be fitted with scrubbers as a way of meeting the 2020 sulphur cap.

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.

The company has 14 ships listed in its fleet, two MR1 tankers, ten MR2 tankers and two Suezmax crude oil carriers.