TOP Ships Acquires 2 Scrubber Fitted Tankers

Greece-based international ship-owning company TOP Ships has acquired two ultra-high specification scrubber-fitted 50,000 dwt Medium Range (MR) product/chemical tankers under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea.

The tanker owner stated in a press release that  it has acquired 100% of the issued and outstanding shares of Santa Catalina Inc. and Santa Monica Inc., which are Marshall Islands companies that have originally entered into new building contracts for the two tankers.

The MR tankers are scheduled for delivery during February 2020, added the owner and operator of modern, fuel efficient "ECO" tanker vessels.

TOP Ships has acquired the shares of both companies from an entity affiliated with its Chief Executive Officer, for an aggregate purchase price of $14.35 million.

Following their delivery, the vessels will enter into time charters with Trafigura Maritime Logistics Pte Ltd. (Trafigura) for a firm duration of three years, with charterer’s option to extend for two additional years at. The company is in the process of concluding financing agreements for both vessels.

Evangelos Pistiolis, President and CEO, said: “The new additions to our fleet are in line with our strategy of always operating latest technology ships and increase our gross revenue backlog for the fixed charter period of our vessels by $38.3 million, which as of June 30, 2019 stood at $165.3 million. Furthermore the quality of the charterer evidences the quality of the acquired vessels.”