Capital redirected towards the core tanker business
Splash247 reports that funds released from a cancelled Dubai property investment were redirected into three MR tanker newbuildings. TOP Ships agreed to acquire three related-party companies holding scrubber-fitted vessel contracts for delivery in 2029. The reported payment was approximately $7.4m after deducting the $23.5m property refund, including reimbursement of shipyard instalments already paid.
The ships had five-year charters with an unnamed oil major and an additional one-year option. Potential gross charter revenue was put at $140.6m, including optional periods. The report also explains the reshuffling of earlier GSI orders through sales to Rubico. This provides context for the ten-vessel MR orderbook reported at that date, rather than a current fleet count.
An editorial summary of the linked publication. Figures and plans refer to its publication date.