Mergers & Acquisitions ·
Top Ships Inc. agrees to acquire four newbuilding MR tankers for $34.95M with $1.24B total revenue backlog
TOPSTop Ships Inc.
Top Ships Inc. entered into a Share Purchase Agreement to acquire 100% of the shares of four special purpose vehicles (SPVs) from Central Mare Inc., an affiliate of CEO Evangelos J. Pistiolis, for approximately $34.95 million payable by December 31, 2026. Each SPV holds a contract with Guangzhou Shipyard International to build a 49,940 dwt ice class 1A MR product tanker, scheduled for delivery between June 2029 and March 2030. The transaction is subject to customary closing conditions and the successful conclusion of lease financing covering approximately 85% of shipbuilding installments. The vessels have secured time charters with a major oil trader for seven years, with options to extend for three additional years, creating a potential gross revenue backlog of about $316.9 million from these specific assets. Upon closing, the company's total potential gross revenue backlog, including existing and joint venture vessels, will reach approximately $1.24 billion. Top Ships Inc. is an international owner and operator of modern, fuel-efficient tanker vessels transporting crude oil, petroleum products, and bulk liquid chemicals.