Greek tanker owner Top Ships has agreed to acquire four companies holding contracts for 50,000DWT ice class 1A MR product tankers under construction at Guangzhou Shipyard International in China.
Delivery of the four vessels is scheduled between June 2029 and March 2030.
The agreement with a related-party seller covers 100 per cent of the shares in each company for total consideration of about US$34.95 million, payable by December 31, 2026. Completion depends on the usual closing requirements being met and the financing being successfully concluded.
Each vessel has secured a time charter with an unnamed oil major. The charter will begin upon delivery.
The charter has a firm seven-year term, and the charterer may opt to extend employment for as many as three additional years.
Top Ships has estimated potential gross revenue from the four charters at about US$316.9 million if all extension options are exercised.
The four acquisition companies are working to complete lease-financing deals set up by the seller with an unnamed Chinese leasing company. The proposed financing would cover about 85 per cent of the shipbuilding instalments, rather than the consideration for the company shares.
Top Ships already has ten 50,000DWT MR newbuildings due to arrive over the period spanning the second quarter of 2028 to the fourth quarter of 2029. Once the latest acquisition closes, its newbuilding MR programme will total 14 vessels.
