Top Ships Inc. (TOPS), owner of ECO tankers, has completed new sale and leaseback (SLB) financing agreements for four vessels with a major Chinese financial group.
The agreements concern the two 300,000 dwt VLCCs Julius Caesar and Legio X Equestris, the Suezmax Eco Oceano and the MR product tanker Eco Marina Del Ray.
After repayment of existing debt and before fees and expenses, the net proceeds released for the company amounted to approximately 27.2 million dollars, an amount almost equivalent to its current stock market value.
The company’s president and CEO, Evangelos Pistiolis, emphasized that “the amount of cash released from the completed transactions approaches our current market capitalization” and noted that, after the refinancings, the fleet’s leverage is at a “very conservative level of approximately 52%.”
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