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

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Vessels

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

Bestobell Bags HHI's Valve Order

Bestobell Marine, a world leading supplier of cryogenic valves for ships, has won a major new order from Hyundai Heavy Industries (HHI) in South Korea to supply valves for two new vessels.

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2682 sec (4 req/sec)