In a late breaking regulatory filing theNasdaq-listed operator said it will pay $37m to acquire the ECO-type newbuildingfrom an affiliate of chief executive Evangelos Pistiolis.
While the owner intends to make an initialdeposit it indicated that 80% of the total purchase price will be paid upon delivery,which is due in the first quarter of 2015.
“Followingthe newbuilding acquisition announced today, the company intends to continue topursue its previously-announced program of vessel acquisitions,” it added.
Inclosing the company was quick to point out that the acquisition of the50,000-dwt tanker was approved by a “special independent committee” of itsboard of directors.
Top Shipsmade headlines just last week when it booked a 39,000-dwt ECO tanker at the same shipyard. The vessel, which isdue for completion in the third quarter of 2015, will cost the companyapproximately $35m.
Some observers were caught off guard since it hasn’t beenan active participant in the sale-and-purchase market for some time but otherswere not surprised as Pistiolis shed light on his company’s appetite forfuel-efficient newbuildings in a recent interview with TradeWinds.
According to Clarksons Shipping Intelligence there aremore than 50 medium-range products tankers under construction at Hyundai Mipo. Ofthose inked earlier this year with delivery due in 2015, the database indicatesthat several of the ships cost between $32 and $33m a piece.
This is slightly lower than the $35.5m that USsale-and-purchase broker Compass believes a newbuilding contract would costtoday, a differential that illustrates how asset values have been gaining momentumover the past several months in response to increased demand.
