Greek tanker owner Top Ships has bolstered its MR tanker orderbook to 10 vessels by redirecting funds from a cancelled Dubai real estate deal into three newbuildings, according to Splash247. The move secures long-term charters with an oil major and adds substantial backlog to the New York-listed company.
Deal Structure and Funding
Top Ships agreed to acquire three special-purpose companies from a related party, each holding a contract for a scrubber-fitted MR product tanker due for delivery in 2029. The company will pay about $7.4m for the companies after deducting the $23.5m refund from its cancelled Dubai real estate deal. The price includes reimbursement of the first instalments already paid to the unnamed shipyard, with closing expected by September 30, per Splash247.
Charter Commitments and Backlog
The vessels have secured five-year charters with an unnamed oil major from delivery, with options for a further year. The contracts carry potential gross revenue of about $140.6m, including the optional periods. This lifts the potential backlog attached to Top Ships’ 10 MR newbuildings to around $680m. Including charter coverage across its operating fleet and its proportionate share of jointly owned vessels, the company put its total potential backlog at about $929m, Splash247 reported.
Background: Earlier Fleet Expansion
The latest deal follows a reshuffling of a nine-ship series Top Ships agreed to acquire from an Evangelos Pistiolis-affiliated company in February. Those 47,499 dwt vessels are under construction at Guangzhou Shipyard International (GSI) for delivery in 2028 and 2029, backed by seven-year charters to Trafigura and options for another four years. Top Ships agreed this month to sell two of those newbuilding companies to former subsidiary Rubico for about $6.25m and $6.5m respectively. Those deals would lift Rubico’s own MR newbuilding pipeline to three GSI ships, according to Splash247.
Current Operating Fleet
Top Ships’ operating tanker fleet currently comprises six vessels: three MRs, one suezmax and two VLCCs, including two jointly owned MR tankers, the source added.
Fleet and Orderbook Summary
| Vessel Type | Count | DWT (each) | Delivery | Charterer |
|---|---|---|---|---|
| MR Newbuildings (Top Ships) | 10 | 47,499 | 2028-2029 | Trafigura & unnamed oil major |
| Operating Fleet (owned) | 6 | varied | in service | various |
| Sold to Rubico | 2 | 47,499 | 2028-2029 | (transferred) |
The redirection of the Dubai refund into tanker newbuildings underscores Top Ships’ strategy to expand its MR fleet with long-term charter coverage. The total potential backlog of $929m provides revenue visibility across the newbuildings and existing vessels. For logistics operators and charterers, the commitment of these MR tankers to an oil major and Trafigura indicates stable capacity on key product tanker routes, though specific trade lanes were not disclosed in the source.
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