Top Ships secures Chinese funds for refinancing

Top Ships secures Chinese funds for refinancing

Greek tanker owner Top Ships has concluded a financing agreement with a major Chinese financier.

The gross proceeds from the new financing is around $25.6m and will be used mainly to refinance 2016-built MR2 tanker Stenaweco Excellence. The tenor of the new facility is 10 years.

Additionally, the company also announced that it intends to enter into two financing agreements with the same financier at similar terms, in order to exercise its purchase options for the Stenaweco Energy and Stenaweco Evolution. The acquisitions are expected to be concluded during the fourth quarter.

“We are very pleased to have concluded this financing with a very high quality financier and look forward to concluding the two additional financings. These new financings will lead to a lower cost of debt for the 3 vessels overall,” said Evangelos Pistiolis, president and CEO of Top Ships.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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