New York-listed tanker owner Top Ships has agreed to acquire nine ECO MR product/chemical tanker newbuildings backed by long-term charter employment, in a deal carrying a potential revenue backlog of about $679m. The Greece-based owner said it will acquire 100% of the shares in nine Marshall Islands special purpose vehicles tied to shipbuilding contracts at Guangzhou Shipyard International. The vessels, each of 47,499 dwt, are scheduled for delivery in 2028 and 2029. The seller is an entity affiliated with the company’s chief executive, Evangelos Pistiolis. Due to the related-party nature of the transaction, the $41m share purchase was approved by a special committee made up of independent board members. Top Ships said the shipbuilding contracts remain subject to customary refund guarantees, while the acquisition of the SPVs depends on the conclusion of financing arrangements. The SPVs are finalising lease financing deals with two major Chinese leasing houses, including ABC Financial Leasing Co, covering most of the contract price. The financings were arranged by Pistiolis and are subject to standard closing conditions, including the provision of a corporate guarantee from Top Ships. All nine vessels have been fixed to a major oil trader, commencing upon delivery. The charters run for seven years firm, with options to extend for a further four years and potential gross revenue backlog of about $679m. Earlier this year, Pistiolis returned to the newbuilding market through his privately held Central Group, placing an order for 10 MR product tankers at GSI in a deal approaching $500m. The contracts were signed by subsidiaries of China State Shipbuilding Corporation, marking the group’s first newbuilding programme in China after years of focusing on South Korean yards. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsGreece