Greek tanker owner Top Ships has reallocated funds originally earmarked for a real estate project in Dubai to acquire three newly built MR-class product tankers, bringing its total order book in this segment to 10 vessels.
Specifically, Top Ships plans to acquire three special purpose vehicles (SPVs) from related parties, each of which holds a construction contract for one MR-class product tanker equipped with a desulfurization system, with delivery expected in 2029.
After deducting a $23.5 million refund received from the cancellation of the Dubai real estate project, Top Ships will pay approximately $7.4 million to acquire the three entities, for a total of approximately $30.9 million. The transaction consideration includes the initial shipbuilding payment already made to an unnamed shipyard, and the transaction is expected to be completed by September 30.
Top Ships stated that the three MR product tankers currently under construction, which are set to be acquired, have been covered by a five-year time charter contract with a major oil company. The charter will take effect upon delivery and includes a one-year extension option. Including the optional extension period, the potential total revenue from the charter contract is approximately $140.6 million.
Upon completion of this transaction, the potential charter revenue from Top Ships’ 10 MR-class product tankers under construction will increase to approximately $680 million. When charter revenue from its operating fleet and its share of joint-venture vessels is included, the shipowner’s potential charter revenue will rise to approximately $929 million.
In addition to the three vessels mentioned in the above transaction, Top Ships holds orders for seven other MR-type product tankers related to a ship sale transaction with Central Group, an affiliate of Greek shipowner Evangelos Pistiolis.
In February 2026, Top Ships agreed to acquire nine MR product tankers ordered by Central from Guangzhou Shipyard International, each with a deadweight tonnage of 47,499, scheduled for delivery in 2028 and 2029. These new vessels have already been chartered to Trafigura under a seven-year charter contract with a four-year extension option.
Several months later, Top Ships agreed to sell the owner’s interests in two of the newly built vessels to its former subsidiary, Rubico, for approximately $6.25 million and $6.5 million, respectively. This series of transactions increased Rubico’s order book for MR-type product tankers to three vessels.
Several months later, Top Ships agreed to sell the owner’s interests in two of the newly built vessels to its former subsidiary, Rubico, for approximately $6.25 million and $6.5 million, respectively. This series of transactions increased Rubico’s order book for MR-type product tankers to three vessels.
Currently, Top Ships’ tanker fleet consists of six vessels, including three MR product tankers, one Suezmax tanker, and two Very Large Crude Carriers (VLCCs), among which are two jointly owned MR-class product tankers.