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Top Ships enters into product tanker joint ventures with Gunvor

Top Ships enters into product tanker joint ventures with Gunvor
Top Ships Inc announced on Wednesday that it has entered into joint venture agreements with commodities trader Gunvor Group to co-own two 50,000-dwt product tankers currently under construction at Hyundai.

The two product tankers, Eco Holmby Hills and Eco Palm Springs, are scheduled to be delivered in the first and second quarters of 2018, respectively.

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

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

Evangelos Pistiolis, ceo of Top Ships, commented: “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.”

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