TOP Ships, a New York-listed tanker owner headquartered in Greece, continues to expand its newbuilding order book. Its latest project involves four high-specification 1A ice-class MR product tankers, which will be built by shipyards under the China State Shipbuilding Corporation.
On October 7, TOP Ships announced that it had signed a share purchase agreement with related parties. TOP Ships acquired the entire equity interest in four special purpose vehicles (SPVs) for a total consideration of approximately $34.95 million. The SPVs have signed contracts with Guangzhou Shipyard International, a subsidiary of China State Shipbuilding Corporation, for the construction of four high-specification, environmentally friendly 50,000 DWT 1A ice-class MR product tankers, with delivery scheduled between the second quarter of 2029 and the first quarter of 2030.
Led by a related party, four special purpose entities are finalizing a lease financing agreement with a major Chinese leasing company; the financing will cover approximately 85% of the total shipbuilding installment payments.
Meanwhile, four special purpose entities have entered into time charter agreements with a major oil company for four newly built vessels. The charters commence upon the delivery of the new vessels, with a fixed term of seven years and an option for the charterer to extend the term by up to three years. If all extension options are exercised, the potential revenue from these charter agreements is approximately $316.9 million.
TOP Ships emphasizes that the closing of the transaction is subject to customary closing conditions and the successful completion of financing by the related party.
Since the beginning of the year, TOP Ships has been making frequent investments in the oil tanker sector.
In February 2026, Top Ships agreed to acquire nine MR product tankers ordered by Central from Guangzhou Shipyard International, with a deadweight tonnage of 47,499 tons, scheduled for delivery in 2028 and 2029. These new vessels have been chartered to Trafigura under a seven-year charter agreement with a four-year extension option. Several months later, Top Ships agreed to sell its ownership interests in two of these newly built vessels to its former subsidiary, Rubico, for approximately $6.25 million and $6.5 million, respectively.
On September 30, 2026, Top Ships announced the completion of the acquisition of three newly built 50,000 DWT MR product tankers. The transaction was initially disclosed on July 28, 2026. The new vessels feature environmentally friendly designs and are equipped with desulfurization systems; the shipyard has not been disclosed, and delivery is scheduled for 2029. All three newbuilds have been chartered under five-year time charter contracts with major oil companies, effective from the date of delivery, with a one-year extension option; including the optional extension, the potential total charter revenue is approximately $140.6 million.
Upon completion of the recently announced deal for four Ice Class 1A MR product tankers, TOP Ships will have 14 MR product tankers under construction; should the charter contracts for these new vessels all take effect, potential contract revenue would reach approximately $997 million. When combined with time charters for the existing operating fleet and its 50% interest in the joint venture fleet’s orderbook, total potential contract revenue (including optional charter periods) would rise to approximately $1.24 billion.
Commenting on the latest transaction, a TOP Ships representative stated: “This deal aligns with the company’s recently announced capital reallocation plan to invest in its core tanker business; it expands the company’s ice-class fleet to seven vessels and diversifies its charterer base by adding a major oil company.”
According to its official website, TOP Ships is an international owner and operator of oceangoing vessels, specializing in modern, energy-efficient, and eco-friendly tankers that primarily transport crude oil, petroleum products (clean and dirty products), and bulk liquid chemicals. The company’s operating fleet has a total capacity of approximately 857,000 DWT and comprises six vessels in total: one 50,000 DWT product/chemical tanker, one 157,000 DWT Suezmax tanker, two 300,000 DWT Very Large Crude Carriers (VLCCs), and two 50,000 DWT product tankers held through a joint venture.
Regarding newbuilds, TOP Ships currently has 14 vessels under construction. These include ten 50,000 DWT MR product tankers scheduled for delivery between the second quarter of 2028 and the fourth quarter of 2029, as well as four Ice Class 1A MR product tankers—most recently disclosed—with delivery dates extending to the first quarter of 2030; the latter are subject to customary closing conditions and the successful completion of financing by a related party.