Top Ships agrees refinancing of product tanker, VLCCs, suezmaxes
Shipping Telegraph reviews five sale-and-leaseback arrangements with three Chinese financiers. The package covered Eco West Coast and Eco Malibu, the VLCCs Julius Caesar and Legio X Equestris, and MR tanker Eco Marina Del Ray. Four transactions were described as concluded, with the MR financing expected later in 2024.
The report distinguishes ten-year Suezmax terms from eight-year VLCC arrangements, including purchase obligations and earlier repurchase options. For the Suezmax pair, combined financing consideration was $82m, of which $61.2m repaid previous facilities. These structures changed the ships’ financing while allowing continued use through bareboat charters. The article records contractual terms at the announcement date.
An editorial summary of the linked publication. Figures and plans refer to its publication date.