Top Ships Buys Three MR Tankers, Eyes $930M Revenue Backlog
Top Ships Inc. signed a deal to acquire three newbuilding MR product tankers due in 2029, projecting a potential gross revenue backlog near $930 million.
Top Ships Inc. (NYSE American: TOPS) announced Wednesday it has signed a share purchase agreement to acquire three high-specification, ECO, scrubber-fitted medium-range product tankers currently under construction at an established shipbuilder, with deliveries scheduled for 2029. The Athens-based company said the deal carries a potential gross revenue backlog of approximately $930 million.
The transaction is structured as the purchase of shares in three separate special purpose vehicles, each of which holds one shipbuilding contract. The tankers are described as modern, fuel-efficient ECO vessels equipped with scrubbers, positioning them to comply with tightening maritime emissions standards while retaining flexibility to burn higher-sulfur fuels cost-effectively.
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The counterparty in the share purchase agreement is identified as a related party, a detail likely to draw scrutiny from investors given the governance sensitivities that related-party transactions typically carry for publicly traded shipping companies. Top Ships did not disclose the purchase price or the identity of the seller in its initial announcement.
The acquisition deepens Top Ships' strategy of building a fleet centered on modern, environmentally compliant tankers. Adding three MR tankers with a combined near-billion-dollar revenue potential signals management's confidence in sustained product tanker demand through the end of the decade, even as newbuilding slots remain competitive across the sector.
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