TOP Ships to acquire four ice‑class MR tankers with $34.95 million purchase price
TOP Ships Inc. entered a share purchase agreement to buy the shares of four SPVs that hold shipbuilding contracts for high‑specification, ice‑class 1A MR tankers. The vessels are slated for delivery between June 2029 and March 2030 and will be chartered for seven years to an oil major, with optional extensions. The transaction is priced at approximately $34.95 million and is expected to add roughly $1.24 billion of potential gross revenue backlog when combined with the company’s existing fleet. Closing is subject to customary conditions and the completion of financing that will cover about 85 % of the shipbuilding installments.
Why it matters
The company says the acquisition expands its ice‑class fleet to seven vessels and diversifies its charterer base, which should improve revenue visibility and cash‑flow stability. Investors can expect the added backlog to increase the firm’s long‑term revenue profile once the tankers enter service.
Key facts
- 1The purchase price for 100 % of the SPV shares is approximately $34.95 million, payable by 31 December 2026. globenewswire.com
- 2The four tankers are scheduled for delivery between June 2029 and March 2030. globenewswire.com
- 3Financing will cover about 85 % of the shipbuilding installments. globenewswire.com
- 4Each vessel has a firm seven‑year time charter with an oil major, with options to extend up to three additional years. globenewswire.com
- 5The total potential gross revenue backlog from the four newbuildings, assuming all charter extensions, is approximately $317 million. globenewswire.com
- 6Including the new vessels, the company’s total potential gross revenue backlog across its fleet is projected to reach about $1.24 billion. globenewswire.com
Open questions
- The material reports two slightly different figures for the four‑vessel backlog: $316.9 million and $317 million.
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.