{"id":100776,"date":"2026-02-24T11:02:10","date_gmt":"2026-02-24T14:02:10","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/895082202"},"modified":"2026-02-24T11:02:10","modified_gmt":"2026-02-24T14:02:10","slug":"pistiolis-top-ships-snaps-up-nine-mr-shipbuilding-contracts-from-affiliate","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/02\/24\/pistiolis-top-ships-snaps-up-nine-mr-shipbuilding-contracts-from-affiliate\/","title":{"rendered":"Pistiolis’ Top Ships snaps up nine MR shipbuilding contracts from affiliate"},"content":{"rendered":"
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Earlier this month Central Mare placed an order for 10 MR tankers (source: CSSC Guangzhou Shipyard International)<\/span><\/p>\n

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24 Feb 2026<\/span>by Georgios Georgiou<\/span><\/p>\n<\/div>\n

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Evangelos Pistiolis-led US-listed Top Ships will acquire shipbuilding contracts for nine MR tanker vessels from its private affiliate Central Mare, along with associated long-term charters<\/p>\n

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Earlier this month, Riviera reported<\/a> that Central Mare placed an order for 10 50,000-dwt MR tankers at CSSC\u2019s Guangzhou Shipyard International, marking the Greek owner\u2019s first newbuilding foray in China.<\/p>\n

Top Ships has now disclosed an agreement to acquire 100% of the issued and outstanding shares of nine Marshall Islands-based companies (SPVs), which are counterparties to the shipbuilding contracts.<\/p>\n

The vessels are scheduled for delivery through 2029. <\/p>\n

The seller has secured time charter employment for all nine vessels with a major oil trader, starting upon delivery for a firm period of seven years, with options to extend for an additional four years. Including these optional periods, the contracts represent a total potential gross revenue backlog of approximately US$679M.<\/p>\n

As part of the acquisition, the SPVs will enter definitive sale-and-leaseback financing agreements with two major Chinese leasing companies, including ABC Financial Leasing Co Ltd, or its controlled subsidiaries. The financings are expected to cover 85% of the predelivery installments under the nine shipbuilding contracts, which total US$407M.<\/p>\n

Top Ships has agreed to acquire the SPV shares for an aggregate purchase price of around US$41M. Given the related-party nature of the transaction, the deal was approved by a special committee of independent board members.<\/p>\n

The US-listed owner currently operates a fleet comprising three MR2 tankers, two VLCCs, and one Suezmax, according to its website.<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n

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Sign up for Riviera\u2019s series of technical and operational webinars and conferences:<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

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… -listed Top Ships will acquire shipbuilding<\/span> contracts for nine MR tanker … ), which are counterparties to the shipbuilding<\/span> contracts. The vessels are scheduled … predelivery installments under the nine shipbuilding<\/span> contracts, which total US$407M …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-100776","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/100776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=100776"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/100776\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=100776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=100776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=100776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}