Greece's Top Ships has snapped up more tanker newbuildings from the private fleet of chief executive Evangelos Pistiolis.
The Nasdaq-listed owner said it is paying just $18m to a company affiliated with its boss.
In return it gets 100% ownership of three Marshall Island companies that each own one ultra-high specification scrubber-fitted 50,000-dwt MR vessel.
All are under construction at Hyundai Mipo Dockyard (HMD) in South Korea.
Delivery is set for the first quarter of 2021.
VesselsValue estimates the ships are worth $40m each.
"The company also anticipates it will enter into financing arrangements for the vessels prior to their delivery from the shipyard," Top Ships said.
The acquisitions were approved by a special committee composed of independent members of the company's board of directors, the company added.
And Top Ships also obtained a fairness opinion relating to the price from an independent financial adviser.
Charters attached
Each of the three product tankers has time charters with Central Tankers Chartering, a company affiliated with Pistiolis.
These are for a firm five years, plus two additional optional years, meaning a potential revenue backlog of $128m.
In December, Top Ships said it had spent $14.4m to buy two Pistiolis-affiliated companies that controlled scrubber-fitted 50,000-dwt MRs at HMD, part of the Hyundai Heavy Industries group.
The shipowner already has four tankers built at the yard among its 11-strong fleet.
Pistiolis affiliate Central Shipping Monaco (CSM) has three MRs listed as being built at the South Korean yard, due in January, February and March 2021, plus two suezmaxes due next year from Hyundai Samho Heavy Industries.
Last month, Top Ships and Swiss trader Gunvor continued their shipowning partnership with a deal to buy two new MR tankers from CSM.
They each bought 50% of the 50,000-dwt eco vessels Eco Yosemite Park and Eco Joshua Park, both delivered in March from HMD.
Top Ships' 50% share of the vessels' owning companies is costing it $27m.
The week before this, Top Ships and Gunvor completed the sale of the 49,703-dwt sisterships Holmby Hills and Palm Springs (both built 2018).
