Top Ships enters into four sale and leaseback financing agreements with a major Chinese financier
Top Ships Inc. will look for acquisitions. The company entered into four sale and leaseback financing agreements with a major Chinese financialier for the refinancing of two 300,000 dwt VLCC tankers, the M/Ts Julius Caesar and Legio X Equestris (expected to be concluded in October 2025), one 157,000 dwt Suezmax tanker, the M/T Eco Oceano CA (expected to be concluded in November 2025), and one 50,000 dwt MR product tanker, the M/T eco Marina Del Ray (expected to be concluded in November 2025). The closing of these financing agreements is subject to conditions set forth in the relevant agreements.
Total proceeds from these refinancing transactions will amount to $207.0 million, of which an estimated approximately $179.8 million will be used to repay the four vessels’ existing financing facilities and the remaining balance will be used for general working capital purposes and/or asset acquisitions in connection with the Company’s growth strategy, which may include investments in other segments with similar characteristics to shipping that present attractive investment opportunities, such as real estate. However, the Company has not currently identified any potential acquisitions, and can provide no assurance that it will be able to complete the acquisition of any asset that it is able to identify.
Source: S&P Capital IQ
