Top Ships, a Greece-based oil tanker owner listed in New York, announced that the company has agreed to acquire nine environmentally friendly MR-type product tankers. All of these new vessels come with long-term time charter contracts, and the potential revenue reserve amounts to approximately $679 million.

Top Ships stated that the transaction will be completed by acquiring 100% equity in nine special-purpose entities registered in the Marshall Islands. Each entity operates one MR-type product tanker with a deadweight of 47,499 tons. The vessels are expected to be delivered between 2028 and 2029, and the builder is Guangzhou Shipyard International, a subsidiary of China Shipbuilding Group.

It is understood that the CEO of Top Ships is Evangelos Pistiolis, a Greek shipowner, and the seller in the aforementioned transaction is an entity affiliated with Evangelos Pistiolis. Given that the transaction involves related parties, the equity acquisition worth 41 million U.S. dollars must be approved by a special committee composed of independent directors.

Top Ships stated that the shipbuilding contract remains subject to the standard refund guarantee, while the acquisition of the special purpose entity is contingent upon the final financing arrangements. Currently, the special purpose entity involved in the transaction is working with, among others, ICBC Financial Leasing Two major Chinese leasing institutions have finalized a lease financing agreement covering most of the contract amount. The financing, arranged by Evangelos Pistiolis, is subject to standard closing conditions, including obtaining a corporate guarantee from Top Ships.

Currently, all nine ships under construction that Top Ships plans to acquire have already secured pre-delivery charter contracts. The charterer is a major oil trader, and the lease term is a fixed seven-year period, with an option to extend for an additional four years. The potential total revenue reserve amounts to approximately US$679 million.

Earlier this year, Central Group, a private enterprise owned by Greek shipowner Evangelos Pistiolis, made its return to the newbuilding market by placing a one-time order with Guangzhou Shipyard International for 10 MR-type product tankers, with a total value approaching 500 million U.S. dollars. This is the largest MR-type product tanker order placed so far in 2026, and also marks Central Group’s first time turning to China—and specifically choosing Guangzhou Shipyard International—as its preferred shipbuilder.

In the past, Central Group has always commissioned new ships from Korean shipbuilders. The successful completion of this order marks another significant breakthrough for CSSC in the oil tanker market, highlighting CSSC’s steadily growing brand appeal and its enhanced capability to explore new markets.

According to information disclosed by Guangzhou Shipyard International, this type of product oil tanker was independently designed by Guangzhou Shipyard International. It has an overall length of approximately 183 meters and a beam of 32.2 meters. Its designed service speed is about 14.5 knots, and it is equipped with six plus one pair of cargo holds. The vessel demonstrates outstanding performance in maneuverability, safety, and economy, and can meet the personalized requirements of shipowners. The vessel’s overall design complies with the latest international standards and is fitted with energy-saving and environmentally friendly systems, meeting the International Maritime Organization’s Tier III emission standards, thereby highlighting its comprehensive advantages in green and intelligent operation.

Excerpted from publicly reported industry information