Top Ships locks in $1.24bn tanker backlog with GSI quartet
Greek owner doubles MR newbuilding pipeline to 14 vessels with $317m revenue potential from four Ice Class 1A product.
Top Ships, the New York-listed Greek tanker owner led by Evangelos Pistiolis, has expanded its newbuilding pipeline with the acquisition of four additional MR product tankers. The deal increases the company’s total MR newbuildings on order to 14 vessels, reinforcing its long-term growth strategy in the segment.
The latest purchase involves four special purpose companies holding contracts for 50,000 dwt eco-friendly, scrubber-fitted, Ice Class 1A tankers at Guangzhou Shipyard International. The ships are scheduled for delivery between June 2029 and March 2030. Top Ships will pay approximately $34.95 million for the companies, with the transaction subject to financing and customary closing conditions.
A major Chinese leasing house has already arranged lease financing covering around 85% of the shipbuilding instalments, reducing the company’s immediate capital requirements. All four vessels have been secured under seven-year charters with an unnamed oil major from delivery, with options that could extend employment by an additional three years. Including these options, the quartet is expected to generate roughly $316.9 million in revenue.
Global Ship Lease
Chief executive Evangelos Pistiolis stated that the acquisition aligns with the company’s strategy of reinvesting capital into its tanker operations. He noted that the deal brings Top Ships’ Ice Class 1A fleet to seven ships, enhancing its ability to serve niche markets with specialized tonnage.
Backlog reaches $1.24 billion as fleet expansion accelerates: Top Ships
The latest addition pushes the company’s potential contracted revenue from its MR newbuildings to approximately $997 million. When combined with existing fleet charters and its share of joint-venture tonnage, Top Ships’ total revenue backlog now stands at around $1.24 billion, providing significant visibility amid market volatility.
The expansion follows a series of strategic moves, including the acquisition of three other MR newbuildings just a week earlier. Those vessels, also scheduled for 2029, are backed by five-year charters with another oil major, plus a one-year option. The foundation of this growth was established in February, when Top Ships agreed to acquire nine similar newbuildings from a Pistiolis-affiliated company. Those ships, chartered to Trafigura, were originally set for delivery in 2028 and 2029, though two were later sold to former subsidiary Rubico as part of a broader restructuring.
Despite its aggressive newbuilding programme, Top Ships currently operates a relatively small fleet: one wholly owned MR, one suezmax, and two VLCCs, alongside 50% stakes in two additional MRs. The company is also seeking to divest its megayacht, Para Bellvm, with proceeds intended to further bolster its core shipping business. Once the latest acquisitions are finalized, the company’s future fleet will be significantly larger than its current operating platform.
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