TOP Ships announced that it has entered into two joint venture agreements, on a 50-50 basis, with Gunvor Group Ltd, one of the world’s largest independent commodities trading houses by turnover, for two 50,000 dwt product tankers M/T Eco Holmby Hills and M/T Eco Palm Springs, currently under construction in Hyundai with expected deliveries in the first and second quarters of 2018, respectively.
The company had previously announced that it had acquired 49% of each vessel and prior to entering into the joint ventures increased its shareholding to 50%.
The company also announced that upon their delivery from Hyundai, each of the two product tankers will enter into time charter employment with Clearlake Shipping Pte Ltd (www.ClearlakeShipping.com), a subsidiary of Gunvor Group Ltd and one of the largest charterers of tanker vessels in the world, for three years firm plus two additional option years. The total potential gross revenue backlog from these contracts is estimated to be about $55 million.
Company CEO Evangelos Pistiolis 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.”