TOP Ships Inc. Announces Purchase of 50% Interests in Two 2020-Built Scrubber-Fitted Eco MR Product Tankers and Joint Venture...
24 April 2020 - 2:30PM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today
that it has acquired from a company affiliated with the Company’s
Chief Executive Officer (the “Seller”) a 50% interest in two vessel
owning companies (the “SPCs”) that own two ultra-high specification
scrubber-fitted 50,000 dwt eco MR product tankers, M/T Eco Yosemite
Park and M/T Eco Joshua Park for $27 million. Both vessels were
delivered in March 2020 from Hyundai Mipo shipyard of South Korea.
The acquisitions were approved by a special
committee composed of independent members of the Company's board of
directors, (the “Transaction Committee”). The Transaction Committee
obtained a fairness opinion relating to the consideration paid in
this transaction from an independent financial advisor.
The Company also announced that the Seller had
already entered into two joint venture agreements, for the two
vessels, each with an equal ownership interest of 50%, with Just-C
Limited, a wholly owned subsidiary of Gunvor Group Ltd (the other
50% owner), one of the world’s largest independent commodities
trading houses by turnover.
Each of the two product tankers have time
charters with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor
Group Ltd and one of the largest charterers of tanker vessels in
the world, for a firm term of five years plus two additional
optional years. The total potential gross revenue backlog from
these contracts is about $91.7 million.
Finally the vessels have a five year
non-amortizing senior financing agreement in place from a major
Greek bank for approximately 45% of their charter-free value.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.For more
information about TOP Ships Inc., visit its
website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words “believe,” “anticipate,”
“intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect” “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
Contacts:Alexandros TsirikosChief Financial
OfficerTOP Ships Inc.Tel: +30 210 812 8107Email:
atsirikos@topships.org
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