TOP Ships to Sell Its Current Fleet to Acquire New Vessels

MarineLink.com
Friday, September 06, 2013
TOP Ships' Handymax product tanker, Britto. (Photo: TOP Ships)

TOP Ships Inc. an international maritime shipping company that provides transportation services for petroleum products and dry bulk commodities, announced that it has entered into three stock purchase agreements with an affiliate of the AMCI Poseidon investment fund by which the company has agreed to sell the six shipowning subsidiaries which own the company's six vessels (Five Handymax product tankers and one dry bulk carrier), for an aggregate cash consideration of approximately $173 million less approximately $135 million in debt and swap obligations of the company that will be assumed by the buyers.

These stock purchase agreements are subject to approval of the transactions by the company's shareholders, consents from the company's bank lenders and charterers, if required, and other customary closing conditions. The transactions will be considered at the company's next annual general meeting of shareholders, expected to take place at the end of September, 2013. The parties anticipate that the transactions will close in late October 2013.

The company said it intends to use the net proceeds of the sale to pay down existing liabilities on its balance sheet and, together with future borrowings, to initiate a program of acquisition of new vessels.

topships.org
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Cuba Opens Up for Carnival Corp. Brand

Carnival Corp. granted U.S. licenses to operate direct U.S.-to-Cuba travel for the purpose of providing cultural exchange Carnival Corporation & plc said that the U.

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

Finance

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

As First Victims Mourned, Italian Navy Searches On

Italy held a funeral service on Tuesday for 13 migrants who died in the worst shipwreck in the Mediterranean in recent history, while the navy continued its search for other victims of the disaster.

Migrant Sailboat Sinks in Aegean, 17 Missing

A sailboat carrying migrants sank in in the Aegean sea between Turkey and Greece on Tuesday and at least 17 people were missing, Greek authorities said. Greece's

News

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

Danish Ports Approve HullWiper

Authorities at the Danish ports of Copenhagen, Kalundborg and Fredricia have granted permission for GAC EnvironHull’s pioneering, diver-free, underwater HullWiper

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Vessels

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1973 sec (5 req/sec)