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Sunday, December 16, 2018

Maritime Logistics Professional

December 3, 2018

TOP Ships Concludes Suezmax Financing

TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced that it has concluded Financing Agreements with a major Chinese leasing company, via sale and leaseback transactions of up to $92.5 million for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea.

 
The company also announced that it has increased the maximum borrowing capacity of the Family Trading Credit Facility to $25.0 million and that it has drawn down an additional $5.0 million from the Company’s outstanding loan facilities. Efforts around these developments had been announced in the Company’s September 11th, 2018 press release.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: “We are very pleased to have concluded this financing with a very high quality financier. Our Suezmax vessels, which account for the largest portion of our newbuilding capital expenditure, are now fully funded.


We are now focused on arranging the finance of our newbuilding vessel that will be delivered in January following the completion of which, the company will have completely covered its capital needs in relation to its current newbuilding program.”

Crude oilfinanceHyundai Samho Heavy Industries Co. Ltd