TOP Ships Inc., an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced that it has entered into a share purchase agreement (the “SPA”) with a related party (the “Seller”) to purchase the shares of three companies (the “SPVs”), each of which is party to one shipbuilding contract with an established, world-class shipbuilder for the construction of three high-specification, ECO, scrubber-fitted MR Product Tankers to be delivered in 2029.

The SPVs have secured time charter employment for the vessels with an oil major, commencing upon their respective deliveries, for a firm duration of five years, with the charterer holding an option to extend for one additional year. The total potential gross revenue backlog from these contracts, including the optional periods, is approximately $140.6 million.

The aggregate purchase price for 100% of the shares of the SPVs, net of the $23.5 million refund from the previously announced cancelled Dubai real estate deal, is approximately $7.4 million (the “Consideration”) and is payable in full at closing. The Consideration includes the reimbursement of the first shipyard installment already paid by the Seller. The transaction is expected to close by September 30, 2026, subject to customary closing conditions.

The acquisition was approved by a special committee composed of independent and disinterested members of the Company’s board of directors, which obtained a fairness opinion with respect to the Consideration from an independent financial advisor.

The Company’s CEO said:

“Today’s deal is consistent with our recently announced redeployment of capital into our core tanker business, while at the same time expands and diversifies our charterer base with the addition of an oil major. Including optional periods, the potential gross revenue backlog from these three newbuilding MR tankers is approximately $141 million. As a result, our total potential gross revenue backlog from our ten newbuilding MR tankers is approximately $680 million. Including contracted time charters for our operating fleet and our 50% proportionate share of the backlog from our JV vessels, total potential gross revenue backlog—including optional periods—rises to approximately $929 million, underscoring the strength and visibility of our future cash flows.”

Source: Top Ships Inc.