Greece's Top Ships is replacing a Nord/LB vessel loan with new Chinese cash - and intends to add more loans to buy MRs.
The company said it is borrowing $25.6m over 10 years from an unnamed "major financier."
The money will mainly go on replacing the German financing for the 50,000-dwt MR Stenaweco Excellence (built 2016).
Top Ships also intends to seal two more loans with the same company at similar terms to exercise its purchase options for the 50,000-dwt Stenaweco Energy (built 2014) and Stenaweco Evolution (built 2015) from private companies controlled by CEO Evangelos Pistiolis.
These acquisitions are expected to be concluded during the fourth quarter of 2019.
Pistiolis said: “We are very pleased to have concluded this financing with a very high quality financier and look forward to concluding the two additional financings.
"These new financings will lead to a lower cost of debt for the three vessels overall.”
The three MRs have been operating under charters to Stena Bulk.
