Top Ships, Gunvor Ink JV Deals for Tanker Duo

Athens-based shipowner Top Ships has entered into two joint venture agreements for two medium range (MR) tankers with commodities trading house Gunvor Group.

The deal, which has a 50-50 basis, is related to the 50,000 dwt product tankers M/T Eco Holmby Hills and M/T Eco Palm Springs.

The ships are currently under construction in Hyundai with expected deliveries in the first and second quarters of 2018, respectively.

Top Ships previously announced that it had acquired 49% of each vessel and prior to entering into the joint ventures increased its shareholding to 50%.

Upon their delivery from Hyundai, each of the two product tankers will enter into time charter employment with Clearlake Shipping, a subsidiary of Gunvor Group, for three years firm plus two additional option years.

The total potential gross revenue backlog from these contracts is estimated to be about USD 55 million.

“The joint ventures with Gunvor Group represent a major milestone for Top Ships and we expect that this partnership will create a lot of synergies that will be beneficial for both parties,” Evangelos Pistiolis, company CEO, said.

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