TOP Tankers Inc announced that it has entered into agreements to acquire three drybulk panamax vessels from unrelated third parties. The vessels are scheduled to be delivered to the Company between September 2007 and March 2008 and to enter into spot market trading.
Evangelos Pistiolis, the Company's Chief Executive Officer, stated: "Consistent with our commitment to expand in the drybulk sector, we are increasing our drybulk fleet to six vessels. These three high-quality panamax drybulk vessels are expected to be accretive to our 2008 earnings and to generate significant cash-flow."
The aggregate purchase price of the vessels is approximately $222 million. The Company intends to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings.
TOP Tankers Inc provides international transportation services of seaborne crude oil, petroleum products and bulk commodities. After taking into consideration all expected drybulk vessel acquisitions and the delivery of the M/T Restless and M/T Victorious to their new owners, the Company will operate a fleet of 20 tankers, consisting of 12 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 2.2 million dwt, of which 87% are sister ships, and six drybulk vessels of approximately 0.4 million dwt. Thirteen of the Company's 20 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements. Three of our six drybulk vessels will have, upon their delivery, time charters contracts for an average period of 18 months.
Evangelos Pistiolis, the Company's Chief Executive Officer, stated: "Consistent with our commitment to expand in the drybulk sector, we are increasing our drybulk fleet to six vessels. These three high-quality panamax drybulk vessels are expected to be accretive to our 2008 earnings and to generate significant cash-flow."
The aggregate purchase price of the vessels is approximately $222 million. The Company intends to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings.
TOP Tankers Inc provides international transportation services of seaborne crude oil, petroleum products and bulk commodities. After taking into consideration all expected drybulk vessel acquisitions and the delivery of the M/T Restless and M/T Victorious to their new owners, the Company will operate a fleet of 20 tankers, consisting of 12 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 2.2 million dwt, of which 87% are sister ships, and six drybulk vessels of approximately 0.4 million dwt. Thirteen of the Company's 20 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements. Three of our six drybulk vessels will have, upon their delivery, time charters contracts for an average period of 18 months.