Top Ships announces financing and charter deal with Cargill International SA

Top Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, has announced the sale and leaseback agreement and a 5-year time charter with Cargill International SA for its newbuilding vessel Hull No 8242 currently under construction at Hyundai Mipo Dockyard Co., South Korea.

The gross proceeds from the sale amount is $32.4m, which is the total amount that remains to be paid for the specific vessel. Following the sale, the Company will bareboat charter back the vessel and immediately put it on a 5-year time charter with Cargill Ocean Transportation.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: “Our strategy of acquiring very high quality vessels has once again been embraced by a top quality charterer. This financing alone covers about one fifth of the capital required in order to take delivery of the three vessels that we acquired during the first quarter of 2018, all of which will be delivered within the first 2 quarters of 2019. We are working very hard to finalise financing for the remaining capital requirements of these vessels in the near future. As a result of the time charter employment the total gross revenue backlog for the fixed charter period of our fleet has grown even further to $211m.

For more information, visit: www.topships.org

16th July 2018