TOP Ships buys 50 pct stakes in two product tanker newbuilds

Greek tanker owner and operator TOP Ships has acquired a 50 per cent interest in two companies that own two ultra-high specification scrubber-fitted 50,000 dwt eco MR product tanker newbuilds.

The ships in question are M/T Eco Yosemite Park and M/T Eco Joshua Park.

As informed, the 50 per cent stakes in the tanker duo were bought for $27 million from a company affiliated with TOP Ships’ Chief Executive Officer, Evangelos J Pistiolis.

Both vessels were delivered in March 2020 from Hyundai Mipo shipyard in South Korea.

Moreover, TOP Ships said that the seller had already entered into two joint venture agreements for the two vessels, each with an equal ownership interest of 50 per cent, with Just-C Limited, a wholly-owned subsidiary of Gunvor Group and the other 50 per cent owner.

Each of the two product tankers has time charters with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, for a firm term of five years plus two additional optional years. The total potential gross revenue backlog from these contracts is about $91.7 million.

Finally, the vessels have a five-year non-amortizing senior financing agreement in place from a major Greek bank for approximately 45 per cent of their charter-free value.

TOP Ships’ fleet currently comprises ten MR2 product/chemical vessels — including the newly acquired tanker pair — and two Suezmax crude oil tankers.