Pistiolis placed a 50,000-dwt tanker at the Vietnamese yard in April via private company Central Shipping Monaco in a deal that also included an option.

While the option has now elapsed, Pistiolis tells TradeWinds it is likely a second ship will be placed shortly on similar terms to the first.

Since the Central Shipping tanker was ordered in April it has been fixed on a charter running for four years plus an option at well over $16,000 per day, Pistiolis says without revealing the identity of the counter party.

Top tanker BP bound

The pending order came to light in the same week as Nasdaq-listed Top Ships took delivery of the 39,000-dwt Ecofleet from Vinashin.

The vessel has started a charter with BP worth $15,200 per day over the first three year period. A first optional year is priced at $16,000 per day and a second at $16,750 per day.

Top Ships now has three vessels in the water, with three more scheduled to arrive during the first three quarters of next year.

“The newbuilding eco MR product tanker platform which was formed a little over a year ago is continuing to build up its size and cash flow and in almost a year from today our fleet will be double with six vessels in the water. Our business strategy continues to be focused on further expanding our fleet,” Pistiolis said in a statement this week.

Further growth plans pondered

“From the group point of view it’s a full growth story in the next couple of years,” the shipowner told TradeWinds. “We would like to expand so the six become eight, nine, 10 and make it a really nice sizable eco product tanker company.”

He added: “We have carefully chosen our ships, our shipyards and our counter parties. We would like to replicate that even more times.”

Pistiolis is open to resales and further newbuilding orders, however, he appears to favour the latter.

“We do have quite a few [ships] bought at low values so even if we do a few resales it would not really damage the overall average,” he said.

 

“From that point of view we could do a resale. That has the disadvantage of higher price and the advantage that you can get a good rate today and cash flow tomorrow morning.

“On the other hand I always prefer a low entry level in shipping, that’s what makes a difference at the end of the day.

“It’s the most important number.  Charters come and go, but the number you bought the ship at always stays with you, so further orders might be on the menu in the sense of buying at a lower figure.”

Another order of business is to boost the share price of Top Ships to reflet what Pistiolis believes is the value of the company.

“We have ordered at very good prices and values have risen since then,” he said. “This is not reflected in the share price.

"Most of the shares these days have a hard time, so why should I be excluded? That’s correct but as ships come into the water and produce cash flow and earnings this is something we need to address and see how we are going to make the stock reflect the NAV that is in there.”