Evangelos Pistiolis, the Greek shipowner and CEO ofTop Ships,has traditionally been known for his operations in the tanker sector. Recently, however, his business undertakings have expanded into the luxury yacht / megayacht market, marking a diversification of his fleet strategy. Below is an outline of his engagement with the yacht sector, the known deals, and what this indicates about his business direction.
Key Megayacht Transactions and Plans
- Acquisition of “Para Bellum” (2024)
In 2024, Pistiolis’s company acquired a 47-metre megayacht called Para Bellum for approximately USD 20 million. Built in 2023 by Sanlorenzo, the vessel accommodates 12 guests and has quarters for 10 crew members. - Order for a New 60-Metre Megayacht (Delivery 2027)
Top Ships also placed an order for a 60-metre megayacht scheduled for delivery in Q2 2027. Designed to host 12 guests and 15 crew, the project has an estimated cost of USD 27 million, with USD 5.3 million already advanced.
What It Suggests About Pistiolis’s Strategy
Diversification of Fleet: The yacht acquisitions illustrate a willingness to invest beyond commercial tankers, balancing risks and exploring higher-margin opportunities.
Corporate Leverage: Conducting these transactions under Top Ships allows use of public market capital and established infrastructure.
Long-Term Commitment: Ordering a newbuild yacht with delivery in 2027 demonstrates forward planning and strong financial commitment.
Prestige and Branding: Ownership of high-profile Sanlorenzo yachts enhances both personal and corporate visibility in a way that commercial tankers typically do not.
Open Questions
- Will the yachts be for private use or commercial charter?
- How do the expected returns compare with Pistiolis’s traditional tanker business?
- What regulatory or tax implications may arise from owning megayachts?