The company said that it is currently negotiating the final terms of the deals.
Hull Nos 874 and 875 are currently under construction at Hyundai Samho Heavy Industries.
Under the proposed terms, the vessels will be sold following their delivery from the shipyard in April and May, 2019, respectively.
The deal includes pre and post-delivery financing and will have a seven year term.
The company has options to buy back the vessels after three years of operation up until the expiry of the agreements.
Once delivered, the vessels are due to enter into three-year timecharters with an oil major at a daily charter rate of $25,000 per vessel.
“Successful completion of this transaction would mark two very important milestones; significant reduction of our unfunded capital requirements, as this funding would cover about 84% of the remaining yard instalments required in order to take delivery of the Suezmax vessels, which are the assets with the most capital requirements in our orderbook, and entry into the Chinese financing market,” Evangelos Pistiolis, TOP Ships president, CEO and director, said.
In addition, TOP Ships disclosed that it was in discussions with new financiers, as well as its existing senior secured lenders, to draw down additional funds from the company’s outstanding loan facilities that currently have low loan to value ratios, which are secured by existing vessels.
The company is also in discussions with Pistiolis for an increase in the Family Trading credit line.