TOP Ships (Pistiolis) sells MR product tanker newbuild for $6.25m

Greece’s tanker shipowner Top Ships led by Evangelos J. Pistiolis entered into an agreement with Rubico Inc to sell 100% of the issued and outstanding shares of one Marshall Island company (the “SPV”) which is a counterparty to a ship building contract for one very-high specification 47,499-dwt medium range product/chemical oil tanker with Guangzhou Shipyard International Company Limited, scheduled for delivery during 2029.

The aggregate selling price for 100% of the shares of the SPV is approximately $6.25m, payable in full at closing.

The transaction is expected to close by September 30, 2026, subject to customary closing conditions.

The Athens-based TOP Ships said the sale was approved by a special committee composed of independent and disinterested members of the company’s board of directors, which obtained a fairness opinion with respect to the consideration paid to acquire the SPV from an independent financial advisor.