TOP Ships acquires 3 ECO MR Tankers, adds $140.6M to backlog
TOP Ships Inc. announced it is acquiring three special purpose vehicles (SPVs), each holding a shipbuilding contract for a new high-specification, ECO, scrubber-fitted MR Product Tanker. These vessels have secured firm 5-year time charters with an oil major, with an option for an additional year, contributing approximately $140.6 million to the potential gross revenue backlog. The aggregate purchase price for the SPVs is about $7.4 million, net of a $23.5 million refund from a previously cancelled Dubai real estate deal. This strategic acquisition expands the company's core tanker business and diversifies its charterer base, increasing the total potential gross revenue backlog to approximately $929 million.
Key Highlights
- Acquiring three SPVs for new ECO MR Product Tankers.
- Vessels secured 5-year time charters with an oil major.
- Potential gross revenue backlog from these 3 vessels: ~$140.6 million.
- Aggregate purchase price for SPVs: ~$7.4 million.
- Price is net of $23.5 million refund from cancelled real estate deal.
- Total potential gross revenue backlog (10 newbuildings): ~$680 million.
- Total potential gross revenue backlog (all vessels): ~$929 million.
- Transaction expected to close by September 30, 2026.
Price Impact
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