TOP Ships Inc. has entered into an agreement to acquire nine Medium Range product tankers through the purchase of Marshall Islands entities holding shipbuilding contracts with Guangzhou Shipyard International. The vessels, each with a capacity of 47,499 deadweight tons, are scheduled for delivery between 2028 and 2029. The transaction carries an acquisition price of approximately $41 million, with lease financing from major Chinese leasing companies funding the majority of the shipbuilding costs.
All nine vessels have been secured under seven-year time charter agreements with a major international oil trader, providing substantial revenue visibility for the fleet operator. The time charter employment is expected to generate approximately $679 million in gross revenue throughout the charter period, including optional extension years. This arrangement effectively eliminates spot market exposure for the vessels during their initial operational phase.
The acquisition represents TOP Ships' continued expansion of its product tanker fleet through newbuilding contracts. The combination of low acquisition costs, favorable financing terms, and pre-arranged long-term employment demonstrates a capital-efficient growth strategy in the shipping sector. Delivery of the final vessels in 2029 will allow the company to execute a phased fleet integration plan.