TOP Ships has acquired 100% of the issued and outstanding shares of the Marshall Islands-based companies Santa Catalina and Santa Monica.

The companies have signed building contracts for two scrubber-fitted 50,000dwt, medium-range (MR) product / chemical tankers.

These ultra-high specification vessels are currently under construction at Hyundai Mipo Dockyard in South Korea. They are expected to be delivered in February next year.

TOP Ships has acquired Santa Catalina and Santa Monica shares from an entity affiliated with the company’s CEO for an aggregate purchase price of $14.35m.

The vessels will enter time charters with Trafigura Maritime Logistics for a firm duration of three years, with a charterer’s option to extend for another two years.

At present, the company is in the process of concluding financing agreements for both tankers.

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TOP Ships president and CEO Evangelos Pistiolis said: “The new additions to our fleet are in line with our strategy of always operating latest technology ships and increase our gross revenue backlog for the fixed charter period of our vessels by $38.3m, which as of 30 June 2019 stood at $165.3m.

“Furthermore, the quality of the charterer evidences the quality of the acquired vessels.”

A special committee composed of independent members (the transaction committee) of TOP Ships’s board of directors approved the acquisitions.

The committee obtained a fairness opinion from an independent financial advisor with regard to the consideration paid in this agreement.

Last month, TOP Ships closed two financing agreements with a Chinese Financier for total gross proceeds of $45.8m. These proceeds will go towards 50,000dwt product / chemical tankers for Stenaweco Energy and Stenaweco Evolution.