TOP Ships to buy four ice-class tanker builders, expand backlog to $1.24B

TOP Ships agreed to acquire four shipowning companies tied to four ice class 1A MR product tankers, adding long-term chartered capacity and lifting total potential backlog to about $1.24 billion if the deal closes. The vessels are due between June 2029 and March 2030, with financing expected to cover about 85% of shipbuilding installments.

Why it matters: - The deal deepens TOP Ships’ move into long-term, high-specification tanker assets with contracted earnings visibility well into the next decade. - The company says the transaction lifts its total potential gross revenue backlog, including optional periods and its JV share, to about $1.24 billion. - The acquisition also expands TOP Ships’ ice class fleet to seven vessels and adds another oil major to its charterer base.

What happened: - TOP Ships entered into a share purchase agreement with a related party to buy four companies that have shipbuilding contracts with Guangzhou Shipyard International Company Limited. - The target companies are building four high-specification, ECO, ice class 1A MR product tankers. - Delivery is scheduled between June 2029 and March 2030. - TOP Ships announced the transaction on Oct. 7, 2026, from Athens, Greece.

The details: - The SPVs are finalizing lease financing agreements arranged by the seller with a major Chinese leasing company. - The financings are expected to cover about 85% of all shipbuilding installments. - The vessels have secured seven-year time charters with an oil major starting on delivery. - The charterer has options to extend the contracts for up to three additional years. - The total potential gross revenue backlog from the four vessels is about $316.9 million if all extension options are exercised. - The aggregate purchase price for 100% of the SPVs is about $34.95 million. - The purchase price is payable by Dec. 31, 2026. - Closing depends on customary conditions and the successful conclusion of the financings. - A special committee of independent and disinterested board members approved the deal and obtained a fairness opinion from an independent financial advisor. - TOP Ships is a B2i Digital Featured Company, and the press release links to the company profile.

Between the lines: - The structure reduces upfront capital needs by pairing asset acquisition with heavy shipyard financing. - Long-term charter coverage lowers near-term commercial risk, but the revenue totals remain dependent on deliveries, financing completion and optional charter extensions. - The company is continuing to redeploy capital away from non-core assets and toward its tanker fleet, according to its CEO.

What's next: - TOP Ships still needs the financings to be completed before closing can happen. - If the transaction closes, the company expects total potential gross revenue backlog from 14 newbuilding MR tankers to rise to about $997 million, including optional periods. - TOP Ships also expects to keep advancing its broader fleet strategy, which includes ten other MR newbuildings scheduled for delivery from the second quarter of 2028 through the fourth quarter of 2029. - The company says it intends to divest the megayacht M/Y Para Bellvm.

The bottom line: - TOP Ships is locking in more long-dated, charter-backed tanker capacity while pushing future revenue visibility higher, but the deal still hinges on financing and closing conditions.