Sphinx buys 11 pc stake in Top Tankers

Sphinx Investment Corp, a company controlled by DryShips Inc's Chief Executive Officer George Economou, bought an 11 per cent stake in Top Tankers Inc for about $23.2 million, making it the largest shareholder.

Sphinx bought 3.7 million shares in Athens-based Top Tankers, Sphinx said on Thursday in a US regulatory filing. The purchase makes Malta-based Sphinx the biggest shareholder.

Shares of Top Tankers gained 12 cents, or 1.7 per cent, to $7.30 in New York on Wednesday, valuing the company at $236.7 million. They have risen 57 per cent this year.