TOPS joins eco rush

Top Ships has dived into the newbuilding market three months after offloading its entire fleet to private investors.
Evangelos Pistiolis, CEO of Top Ships.

Evangelos Pistiolis, CEO of Top Ships.

Evangelos Pistiolis-led Tops has booked a 39,000-dwt ECO-type product/chemical tanker at Hyundai Mipo Dockyard.

The Korean shipbuilder will pocket $35m for the order which is due for delivery in the third quarter of 2015, the Greek owner said in an exchange filing.

Top Ships had been expected to rebuild after selling its entire fleet of five product tankers and one bulker to AMCI Poseidon in September.

The Connecticut-based fund, which is backed by Stamatis Molaris, paid $173m for the package including $135m in Top Ships debt.

Top Ships' move comes as no surprise as Pistiolis has recently championed purchasing new, fuel efficient ships over older tonnage.

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