TOP Ships agrees to acquire four ice-class MR tanker newbuildings for $34.95 million
TOPS•TOP Ships agreed to buy four ice-class 1A MR tanker newbuilding contracts for $34.95 million, with deliveries scheduled from June 2029 through March 2030. The vessels have seven-year time charters with an oil major, and total potential gross revenue backlog is expected to reach about $1.24 billion.
1. Acquisition and charters
TOP Ships agreed to buy four SPVs holding contracts for ice-class 1A MR product tankers at Guangzhou Shipyard, with deliveries scheduled from June 2029 through March 2030. The $34.95 million purchase price is payable by Dec. 31, 2026, with lease financings expected to cover about 85% of installments; the vessels have seven-year time charters with an oil major and options for up to three additional years worth $316.9 million.
2. Fleet revenue backlog
The acquisition would expand TOP Ships’ ice-class fleet to seven vessels. Total potential gross revenue backlog, including options across the fleet and the company’s joint-venture share, is expected to rise to about $1.24 billion.
