TOP Ships Inc., a New York-listed Greek tanker owner, has agreed to acquire four special purpose vehicles holding shipbuilding contracts for ice-class 1A MR product tankers under construction at Guangzhou Shipyard International in China. The company announced the share purchase agreement on October 7, 2026, valuing the transaction at approximately $34.95 million.
The four 49,940 dwt vessels are scheduled for delivery between June 2029 and March 2030 and come attached with seven-year firm time charters to a major oil trader. The deal lifts TOP Ships’ MR tanker newbuilding pipeline to 14 ships and pushes the company’s total potential gross revenue backlog toward $1.24 billion.
Deal Structure and Financing
TOP Ships signed the share purchase agreement with related party Central Mare Inc. to acquire the entire equity interest in four special purpose vehicles that hold contracts with Guangzhou Shipyard International and China Shipbuilding Trading for the eco, scrubber-fitted, ice class 1A vessels. The $34.95 million purchase price is payable by December 31, 2026, with closing subject to customary conditions and completion of lease financing expected to cover about 85 percent of the shipbuilding installments.
The acquisition was approved by a special committee of independent board members, which obtained a fairness opinion from an independent financial advisor before the deal was finalized. The four newbuildings carry charters that add roughly $316.9 million in potential gross revenue, including options for up to three additional years beyond the initial seven-year terms.
Expanding the Ice-Class Fleet
The purchase, led by TOP Ships chief executive Evangelos Pistiolis, expands the company’s ice-class fleet to seven vessels and diversifies its charterer base with the addition of another oil major as counterparty. It follows a broader strategy the company has described as redeploying capital into its core tanker business after years of diversified holdings.
TOP Ships said the deal reinforces its focus on building a modern, high-specification fleet employed on long-term charters with leading energy companies and traders. With approximately 85 percent of the shipbuilding installments financed through leasing arrangements, the company said the structure strengthens cash-flow visibility as the newbuildings move toward delivery later this decade.
Chinese Yard’s Expanding Tanker Orderbook
Guangzhou Shipyard International, a subsidiary of China State Shipbuilding Corporation, has been accumulating a steady stream of tanker orders from international owners in recent weeks. Swiss owner-operator Advantage Tankers has separately confirmed a 10-vessel newbuilding order spanning Suezmax, Aframax/LR2 and MR2 product tanker segments across Chinese and South Korean yards, with Guangzhou Shipyard International securing a contract for six MR2 product tankers in that package.
The TOP Ships order adds to a wider pattern of Greek owners placing product tanker newbuildings at Chinese yards as orderbooks lengthen and delivery slots for the mid-2020s fill up. Deliveries for the TOP Ships vessels now stretch into 2029 and 2030, reflecting capacity constraints at major Asian shipbuilders handling tanker, gas carrier and container ship orders simultaneously.
Why it matters
The transaction underscores continued strong demand among Greek owners for ice-class, eco-efficient product tankers backed by long-term charters with oil majors, a sign of confidence in sustained tanker earnings. It also highlights the growing role of Chinese yards such as Guangzhou Shipyard International in absorbing newbuilding demand as delivery slots at established shipbuilders extend years into the future. For TOP Ships, the deal meaningfully expands revenue visibility and deepens its specialization in a niche ice-class segment that commands premium charter rates.
Source: Baird Maritime / TipRanks
