TOP Ships Secures Loan for One MR2 Vessel

Greek tanker owner and operator TOP Ships has concluded a financing agreement with an undisclosed Chinese financier to refinance one of its MR2 tankers.

As informed, the gross proceeds from the new financing amount to USD 25.6 million and will be used mainly to refinance the facility of the 49,700 dwt Stenaweco Excellence with Nord LB.

The tenor of the new facility is ten years.

The company also revealed that it intends to enter into two additional financing agreements with the same financier at similar terms in order to exercise its purchase options for the Stenaweco Energy and Stenaweco Evolution.

These acquisitions are expected to be concluded during the fourth quarter of 2019.

“We are very pleased to have concluded this financing with a very high quality financier and look forward to concluding the two additional financings. These new financings will lead to a lower cost of debt for the 3 vessels overall,” Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, commented.

TOP Ships has a fleet of a total of fourteen tankers including Suezmaxes, MR2 and MR1 ships.