Greek tanker owner Top Ships has redirected funds from its abandoned Dubai property plan into three MR tanker newbuildings, lifting its orderbook in the segment to 10 vessels.

The New York-listed company said it has agreed to acquire three special-purpose companies from a related party. Each company holds a contract for a scrubber-fitted MR product tanker scheduled for delivery in 2029.

Top Ships will pay about $7.4m for the companies after deducting the $23.5m refund from its cancelled Dubai real estate deal. The price includes reimbursement of the first instalments already paid to the unnamed shipyard. Closing is expected by September 30.

The vessels have secured five-year charters with an unnamed oil major starting from delivery, with options for a further year. The contracts could generate gross revenue of about $140.6m, including the optional periods, adding contracted earnings visibility to a segment where product tanker owners have been using long-term charter cover to reduce exposure on newbuilding deliveries.

The latest transaction lifts the potential backlog attached to Top Ships’ 10 MR newbuildings to around $680m. Including charter coverage across its operating fleet and its proportionate share of jointly owned vessels, the company put its total potential backlog at about $929m.

The move follows a reshuffling of a nine-ship series Top Ships agreed to acquire from an Evangelos Pistiolis-affiliated company in February. The 47,499 dwt vessels are under construction at Guangzhou Shipyard International for delivery in 2028 and 2029, and are backed by seven-year charters to Trafigura with options for another four years.

Top Ships agreed this month to sell two of those newbuilding companies to former subsidiary Rubico for about $6.25m and $6.5m, respectively. Those deals would lift Rubico’s own MR newbuilding pipeline to three GSI ships.

Top Ships’ operating tanker fleet currently consists of six vessels: three MRs, one suezmax and two VLCCs, including two jointly owned MR tankers.