Joint ownership backed by charter and bank financing
Offshore Energy reports TOP Ships’ acquisition of half the ownership of Eco Yosemite Park and Eco Joshua Park for $27m. The 50,000-dwt scrubber-fitted ECO MR tankers had been delivered from Hyundai Mipo in March 2020. Gunvor subsidiary Just-C held the other 50% interests through joint venture agreements.
Both vessels had Clearlake Shipping charters for five firm years and two optional years, with potential gross revenue of about $91.7m. The report also describes a five-year, non-amortising senior bank financing arrangement covering approximately 45% of charter-free vessel value. Together, these details show the asset, employment and financing layers of the joint venture as reported in 2020.
An editorial summary of the linked publication. Figures and plans refer to its publication date.