TOP Ships in possible deal with Economou

TOP Ships Inc. said it has entered into an exclusive agreement with a company affiliated with Greek ship owner George Economou, that will allow Economou to explore a possible acquisition of TOP Ships for $6 per share.

The exclusivity agreement expires Oct. 8, and TOP Ships said it has agreed to reimburse Economou's company up to $1 million, in certain circumstances.

TOP Ships, formerly known as TOP Tankers Inc., has a fleet of seven double-hull handymax tankers and five dry bulk vessels. It also has six new product tankers on order that are expected to be delivered in the first half of 2009. Economou is also chief executive of DryShips Inc. 

Source: American Shipper