TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced that it has entered into a sale and leaseback agreement for two of its vessels: the M/T StenaWeco Energy and the M/T StenaWeco Evolution.

Consummation of the deal is expected to take place during Q1 2015 for both vessels.

Following the sales, the Company will bareboat charter back both vessels and continue to operate them for seven years. In addition, the company has options to buy back the vessels after the third anniversary.
Source: TOP Ships Inc.