TOP Tankers continues to “go dry”
TOP Tankers has continued its expansion in the dry bulk shipping sector by acquiring three Panamax vessels, effectively doubling the size of its Panamax dry bulk fleet.The Athens-based company said it has agreed to purchase three ships, built in Japan in 2000 and 2001 for an aggregate price of $222 million. The company plans to raise the money through “loan facilities, working capital, and the proceeds from future capital raisings.” TOP’s shares are traded on Nasdaq.
The vessels are scheduled to be delivered to TOP from September to March 2008 and to enter into spot market trading.
Evangelos Pistiolis, the company’s chief executive officer, said the purchases were “consistent with our commitment to expand in the dry bulk sector” announced earlier this year. He said the ships were expected to add to 2008 earnings and “generate significant cash-flow.”
After pending transactions, TOP expects to have a fleet of 12 Suezmax tankers and eight Panamax tankers in addition to the six dry bulk ships.
