TOP Ships (Pistiolis) buys MR newbuild quartet chartered to oil major

Greece’s tanker shipowner Top Ships led by Evangelos J. Pistiolis has entered into a share purchase agreement with a related party to purchase the shares of four companies which have entered into shipbuilding contracts with Guangzhou Shipyard International Company Limited for the construction of four 50,000 dwt eco, ice class 1A MR product tankers to be delivered between June 2029 and March 2030.

The four companies are finalizing lease financing agreements, arranged by the seller with a major Chinese leasing company, covering approximately 85% of all shipbuilding installments.

The companies have secured time charter employment for the vessels with an oil major, commencing upon their deliveries, for a firm duration of seven years, with the charterer holding options to extend for up to three additional years.

The total potential gross revenue backlog from these contracts, assuming the exercise of all available charter extension options, is approximately $316.9m.

The aggregate purchase price