TOP Ships Inc. Announces Completion Of Atm And Conclusion Of Sale Of One Of Its 50% Owned Vessels
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that its 50% subsidiary, City of Athens Pte., concluded the previously announced sale of its 100% owned vessel, M/T Holmby Hills, and that the cash release to the Company amounts to $10.2 million.
Furthermore the Company expects to conclude the sale of its second 50% owned vessel (also previously announced) within the second week of April and depending on the exact date that the sale takes place and on prevailing USD Swap rates at the time of closing, the Company estimates that the cash release from that sale will also result in a cash release of about $10 million.
The Company also announced that on March 27, 2020 the Equity Distribution Agreement with Maxim Group LLC (the “ATM”) that the Company entered into on March 11, 2020 was completed.
TOP Ships Inc. Announces Agreement to Sell Its 50% Owned Vessels
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to sell both vessels to unaffiliated third parties. The vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020.
Depending on when the closing of the sales take place and on prevailing USD Swap rates at the time of closing, the Company estimates that it will incur impairment charges ranging from $1.5 million to $3.5 million due to these sales (or losses per share ranging from $0.51 to $1.20) that will affect the year ended 2019 financial results and also estimates the cash release to the Company to range from $19 million to $21 million.
Top Ships Inc. Announces Delivery of M/T Eco Los Angeles
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it took delivery of the 50,000 dwt scrubber fitted newbuilding product/chemical tanker M/T Eco Los Angeles, constructed at the Hyundai Mipo shipyard in South Korea.
TOP Ships Inc. Announces Sale of Its Two MR1 Product Tankers
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that it has sold to unaffiliated third parties its two MR1 Product Tankers, the M/T Eco Fleet and the M/T Eco Revolution (each weighing 39,000 tons). The vessels are expected to be delivered to their new owners during January 2020.
TOP Ships Inc. Announces Acquisition of Two Scrubber Fitted ECO MR Tanker Newbuildings With Time Charters
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it has acquired 100% of the issued and outstanding shares of Santa Catalina Inc. and Santa Monica Inc., which are Marshall Islands companies that have entered into new building contracts for two ultra-high specification scrubber-fitted 50,000 dwt Medium Range (“MR”) product/chemical tankers under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea and scheduled for delivery during February 2020.
The Company has acquired the shares of both companies from an entity affiliated with the Company’s Chief Executive Officer, for an aggregate purchase price of $14.35 million. Following their delivery, the vessels will enter into time charters with Trafigura Maritime Logistics Pte Ltd. (“Trafigura”) for a firm duration of three years, with charterer’s option to extend for two additional years at. The Company is in the process of concluding financing agreements for both vessels.
The acquisitions were approved by a special committee composed of independent members of the Company’s board of directors, (the “Transaction Committee”). The Transaction Committee obtained a fairness opinion relating to the consideration paid in this transaction from an independent financial advisor.Evangelos Pistiolis, President and CEO of the Company, stated: “The new additions to our fleet are in line with our strategy of always operating latest technology ships and increase our gross revenue backlog for the fixed charter period of our vessels by $38.3 million, which as of June 30, 2019 stood at $165.3 million. Furthermore the quality of the charterer evidences the quality of the acquired vessels.”
Top Ships Inc. Announces Closing of Financings
TOP Ships Inc., an international owner 2nd operator of modern, fuel efficient “ECO” tanker vessels, announced today that it closed the previously announced two Financing Agreements with a major Chinese Financier, for total gross proceeds of $45.8 million, in relation to the 50,000 dwt product/chemical tankers M/T Stenaweco Energy and M/T Stenaweco Evolution. The proceeds were used towards the reacquisition of the two vessels via the exercise of purchase options. The Company paid $47.9 million for the exercise of both purchase options and the term of both facilities is 10 years.
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:“We are very pleased to have concluded these new financings that we expect will improve our profitability. More specifically, the new financings have a lower cost of debt, compared to the operating leases previously in place, and their accounting treatment will result in less non-cash expenses in our profit and loss statement. As a result, we expect an increase in the profitability of the specific vessels and a positive contribution to our overall profitability.”
Ενα ακόμα πλοίο για την Top Ships
Η TOP Ships ανακοίνωσε ότι μεγάλωσε τον στόλο των eco tankers της, παραλαμβάνοντας πρόσφτα το νεότευκτο Suezmax «M/T Eco Bel Air», χωρητικότητας 157.000 dwt. Σύμφωνα με την ανακοίνωση της εταιρείας το «M/T Eco Bel Air» αποτελεί ένα από τα πρώτα Suezmax δεξαμενόπλοια στον κόσμο εξοπλισμένα με scrubbers.
Ο Ευάγγελος Πιστιόλης, πρόεδρος και CEO της εταιρείας, σημείωσε ότι η παραλαβή του «M/T Eco Bel Air» σηματοδοτεί την επιστροφή της TOP Ships στην αγορά των Suezmaxes μετά από 11 χρόνια.
Με την παραλαβή του «M/T Eco Bel Air», το οποίο ναυπηγήθηκε από τα νοτιοκορεάτικα ναυπηγεία Hyundai Samho, ο στόλος της TOP Ships ανέρχεται πλέον στα 13 πλοία, ενώ τον προσεχή Μάιο η εταιρεία αναμένεται να παραλάβει το επίσης νεότευκτο Suezmax «Eco Beverly Hills».
TOP Ships Inc. Announces New Time Charter With Oil Major
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced today that it has entered into a time charter agreement with Shell Tankers Singapore Private Limited for its 50,000 dwt product/chemical tanker M/T Eco Palm Desert until September 2020. The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount and replaces a pre-existing charter.
Evangelos Pistiolis, President and CEO of the Company, stated: “As of today, we have two vessels that offer exposure in the spot market during a period when the prevailing sentiment is bullish. If the positive market expectations materialize, our results will benefit as a result of this profit sharing arrangement.”