# TOP SHIPS agrees to acquire four tanker newbuilding companies

- **Source:** https://pelavox.com/top-ships-agrees-to-acquire-four-tanker-newbuilding-companies/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** pelavox. Newsroom
- **Published:** 2026-10-10T11:29:53+00:00
- **Updated:** 2026-10-10T11:29:54+00:00
- **Section:** Business / Mergers & Acquisitions
- **Type:** News
- **Topics:** Central Mare, Guangzhou Shipyard International, MR Tankers, TOP SHIPS

TOP SHIPS has entered into an agreement to acquire four companies holding shipbuilding contracts for MR product tankers, expanding its planned fleet investment through a transaction involving an affiliated seller.

The company signed a Share Purchase Agreement (SPA) on October 1, 2026, with Central Mare Inc., an entity affiliated with the family of Evangelos J. Pistiolis.

Under the agreement, TOP SHIPS will acquire all outstanding shares of Roman Shark XI Inc., Roman Shark XII Inc., Roman Shark XIII Inc. and Roman Shark XIV Inc. for approximately $34.95 million.

Each company holds a shipbuilding contract for a 49,940 dwt ice-class 1A MR product tanker, with deliveries scheduled between June 2029 and March 2030.

## Four new tankers scheduled for delivery through 2030

The four special purpose vehicles (SPVs) have entered into shipbuilding agreements with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd.

Each contract involves the construction of a 49,940 dwt MR product tanker with ice-class 1A specifications.

The vessels are scheduled for delivery in June 2029, September 2029, December 2029 and March 2030, respectively.

The aggregate shipbuilding installments payable under each contract amount to $49.5 million, representing a combined contractual amount of $198 million across the four vessels.

These shipbuilding obligations are separate from the approximately $34.95 million share purchase price agreed for the acquisition of the SPVs.

## Principal terms agreed for long-term charters

The four SPVs have finalized the principal terms of time charter employment with an unnamed major oil trader.

According to TOP SHIPS, the proposed arrangements provide for an initial firm charter period of seven years for each vessel, beginning upon its delivery.

The charterer would also have the option to extend the employment period by up to three additional years.

Assuming all available extension options are exercised, the potential gross revenue backlog from these arrangements would reach approximately $316.9 million.

However, the figure includes optional charter periods and should not be interpreted as guaranteed revenue.

Importantly, the announcement confirms that the principal commercial terms have been finalized, rather than explicitly stating that definitive time charter agreements have been executed.

## Acquisition subject to financing and closing conditions

The acquisition remains subject to customary closing conditions and the successful completion of lease financing agreements arranged by Central Mare.

Under the SPA, TOP SHIPS must pay the approximately $34.95 million purchase price by December 31, 2026.

The agreement also includes provisions governing the use of capital raised before the transaction closes.

If TOP SHIPS raises funds through unsecured debt unrelated to vessel acquisition, maintenance, operation, repair, refurbishment or replacement, or through the issuance of equity securities, the company must apply 100% of the net cash proceeds toward the purchase price at closing.

This provision applies to qualifying financing and equity transactions completed before the acquisition closes.

## Independent committee approves related-party transaction

Given the seller’s affiliation with the family of Evangelos J. Pistiolis, the acquisition was reviewed by a special committee of TOP SHIPS’ board of directors.

The committee consisted of independent and disinterested directors and approved the proposed transaction.

As part of its review, the committee obtained a fairness opinion from an independent financial advisor concerning the transaction consideration.

The acquisition would give TOP SHIPS ownership of the four SPVs and their associated shipbuilding contracts, subject to completion of the agreed conditions.

If finalized, the transaction would add four MR product tanker newbuildings to the company’s future fleet pipeline, with deliveries extending into 2030.

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Cite as: "TOP SHIPS agrees to acquire four tanker newbuilding companies", pelavox., 10 October 2026, https://pelavox.com/top-ships-agrees-to-acquire-four-tanker-newbuilding-companies/