$100 million in revenue from two charter renewals oil tankers MR guaranteed by Top Ships, interests Vangelis Pistiolis.
The company that manages tankers and a few days ago announced its opening to the nautical market, highlights that its 50% subsidiaries, to which the ships M/T Eco Yosemite Park and M/T Eco Joshua Park have reached agreements with their current charterers to extend their temporary charter employment at higher rates.
Specifically, both MRs will commence 7-year charters on August 1, 2024 at a gross daily charter rate of US$19,500, an increase of 12% over the current daily charter rate. All other terms will remain as they are in the current charters, including the charterers’ option to extend each charter for an additional two years. The revenue expected to be generated by the 2 subsidiaries from these charters is approximately US$100 million for the fixed period.
TOP Navios Inc. is an international ocean-going vessel owner and operator focused on modern, fuel-efficient eco-tankers that transport crude oil, petroleum products (clean and dirty) and liquid chemicals in bulk.
The boat
At the same time, in a new market, that of yachtjoins the tanker management company Top Ships, is interested in Vangelis Pistiolis. The company, in its statement to the American stock exchange, highlights that it has purchased the 47-meter yacht “Para Bellum” from a subsidiary of Mr. Pistiolis, for the amount of 20 million dollars.
The vessel is a mega yacht built in 2023 at the Sanlorenzo shipyards, with capacity for 12 passengers and a crew of 10. The vessel is expected to be employed on short-term charters.
The purchase price is US$20 million, of which US$11.1 million has been paid with the balance to be paid within seven months, and is expected to be financed by the company’s capital.
As reported by international luxury yacht presentation platforms, “Para Bellum” is a new state-of-the-art vessel for the luxury charter market. Delivered by the Italian shipyard Sanlorenzo and with interior design by Italian designer Francesco Paszkowski Design, she can comfortably accommodate up to 12 guests in 6 cabins.
It is made with a steel hull and aluminum superstructure. Powered by two Caterpillar engines, it cruises comfortably at 12 knots, reaches a top speed of 15 knots and has a range of up to 4,000 nautical miles with its 50,000-liter fuel tanks.
The Yacht Charter Fleet website says the vessel is being chartered for $321,000 a week, plus expenses such as fuel.
In April, Top Ships, which operates eight tankers, said in its annual report that it was “in advanced discussions to acquire a stake in a €47 million megayacht company.” “We believe that market conditions are favorable for investment in this sector and we are evaluating additional similar investment opportunities,” it said at the time.
However, it should be noted that Mr. Pistiolis’ private group, Grupo Central, has been active in its sector marine tourism since 2006.