Top Ships, a Greek-based New York-listed tanker owner, announced that it has agreed to acquire nine environmentally friendly MR product tankers, all with long-term time charter contracts and a potential revenue reserve of approximately $679 million.
Top Ships stated that the transaction will be completed through the acquisition of 100% equity interests in nine Marshall Islands special purpose entities, each operating one 47,499 DWT MR product tanker, which is expected to be delivered between 2028 and 2029. The contractor is Guangzhou Shipyard International, a subsidiary of China State Shipbuilding Corporation (CSSC).
It is understood that Top Ships’ CEO is Greek shipowner Evangelos Pistiolis, and the seller in the aforementioned transaction is an affiliated entity of Evangelos Pistiolis. Given the involvement of related parties, the $41 million equity acquisition requires approval from a special committee composed of independent directors.
Top Ships stated that the shipbuilding contracts remain subject to standard refund guarantees, while the acquisition of the special purpose entity (SPE) is contingent upon final financing arrangements. Currently, the SPE involved in the transaction is finalizing lease financing agreements with two major Chinese leasing institutions, including ICBC Leasing, covering the majority of the contract value. This financing, arranged by Evangelos Pistiolis, is subject to standard closing conditions, including obtaining a corporate guarantee from Top Ships.
Currently, all nine ships under construction that Top Ships plans to acquire have secured charter contracts prior to delivery. The charterer is a major oil trader with a fixed seven-year term, including a four-year renewal option, and a potential total revenue reserve of approximately $679 million.
Earlier this year, Central Group, a privately owned company under Greek shipowner Evangelos Pistiolis, returned to the newbuilding market, placing a single order with Guangzhou Shipyard International for 10 MR product tankers, worth nearly $500 million. This is the largest MR product tanker order to date, scheduled for 2026, and marks Central Group’s first foray into China, choosing Guangzhou Shipyard International as its first shipbuilding supplier.
Central Group has previously built new ships for South Korean shipyards. The successful completion of this order marks another major breakthrough for CSSC in the tanker market, demonstrating CSSC’s growing brand appeal and market expansion capabilities.
According to information disclosed by Guangzhou Shipyard International, this type of product tanker was independently designed by the company. It is approximately 183 meters long and 32.2 meters wide, with a design service speed of approximately 14.5 knots. It features a 6+1 deck configuration and demonstrates excellent maneuverability, safety, and economy, meeting the owner’s personalized needs.
The vessel’s overall design complies with the latest international standards and incorporates energy-saving and environmentally friendly systems, meeting the International Maritime Organization’s Tier III emission standards and highlighting its comprehensive advantages in green and intelligent performance.