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GUNVOR SUBSIDIARY JUST-C COMPLETES SALE OF MR TANKERS
20 April 2020

GENEVA (20 April 2020) – Just-C Limited (“Just-C”), a wholly-owned subsidiary of global commodities trader Gunvor Group, has completed the sale of two medium range (MR) tankers, the 50,000 dwt product tankers M/T Eco Holmby Hills and M/T Eco Palm Springs. Just-C had acquired the vessels through a 50-50 joint-venture (JV) with Top Ships in 2017. The sales were completed on March 26 and April 17, respectively.

“Gunvor’s strategy to expand into vessel ownership while taking advantage of historically low shipbuilding prices for eco-friendly newbuilding tankers is validated by these transactions,” said Jan Andersen, Gunvor Group’s Head of Shipping. “In doing so, we’re pleased to be partnering with some of the best shipowners in the market.”

The two MRs were delivered by Hyundai in 2018, and have since been on long-term time charter to Clearlake Shipping, the chartering arm of Gunvor Group. This approach allowed Gunvor to commercially optimise the vessels since delivery, generating value as co-owners and charterers, with the sale realizing a profit of approximately 50% on Gunvor’s initial equity investment (before costs).

Just-C continues to hold investments in 15 products tankers, owned through 33% or 50% JVs with leading global shipowners.

About Top Ships

Top Ships is an international owner of modern, fuel efficient “ECO” tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. The company is incorporated in the Republic of The Marshall Islands and have been trading on NASDAQ since July 2004 under the ticker “TOPS”.