World News
Greek Shipper To Sell its Vessels, Settle Debts
Greek tanker and dry bulk shipping company TOP Ships Inc. [NASDAQ:TOPS] (TOP Ships) says it is selling its six ships to an affiliate of the investment fund AMCI Poseidon for about $173 million.
The stock purchase agreements, which involve the sale of six TOP Ships shipowning subsidiaries that own the vessels, includes about $135 million in Top Ships' debt and swap obligations, which will be assumed by the buyers.
Pending approval by TOP Ships shareholders at the end of this month, the deal is expected to close in late October.
TOP Ships will use the net proceeds of the sale to pay down liabilities and begin acquiring new vessels.
The company's fleet consists of five handymax double-hull tankers and one dry carrier, according to its website.
TOP Ship's 2012 annual report included a note from auditor Deloitte, Hadjipavlou, Sofianos and Cambanis S.A. acknowledging questions about the company's future.
"The Company's recurring losses from operations and stockholders' capital deficiency raise substantial doubt about its ability to continue as a going concern," it said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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