TOP Ships Gets Loan for a Tanker

Top Ships, a provider of oil, petroleum products and chemicals transportation services, has concluded a financing agreement with an undisclosed Chinese financier to refinance one of its MR2 tankers.

The  Greek tanker owner and operator said in a press release that the gross proceeds from the new financing amount to $25.6m and will be used mainly to refinance the facility of M/T Stena Weco Excellence with Nord LB.

The tenor of the new facility is 10 years, it added.

The company also announced that it intends to enter into 2 additional Financing Agreements with the same financier at similar terms, in order to exercise its purchase options for the M/Ts Stena Weco Energy and Stena Weco Evolution. These acquisitions are expected to be concluded during the fourth quarter of 2019.

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