Research analysts covering TOP SHIPS.
Recent press releases and 8-K filings for TOPS.
TOP Ships Amends Time Charter for M/T Eco Oceano at Higher Daily Rate
TOPS
New Projects/Investments
- TOP Ships Inc. amended the time charter agreement for its Suezmax tanker vessel M/T Eco Oceano with Central Tankers Chartering Inc., a company affiliated with the Company's CEO.
- The amended charter has a 5-year duration starting January 1, 2026, and an increased daily rate of $30,000 per day, up from the previous $24,500 per day.
- The charterer has a purchase option for $70 million, exercisable only during February 2027.
Jan 6, 2026, 2:15 PM
TOP Ships Amends Time Charter for M/T Eco Oceano
TOPS
Revenue Acceleration/Inflection
New Projects/Investments
- TOP Ships Inc. amended the time charter agreement for its Suezmax tanker vessel M/T Eco Oceano with Central Tankers Chartering Inc., an affiliate of the Company's CEO.
- The amended charter is for 5 years starting January 1, 2026, with an increased daily rate of $30,000.
- Previously, the time charter rate was $24,500 per day.
- The charterer also has a purchase option for $70 million, exercisable only during February 2027.
Jan 6, 2026, 2:15 PM
TOP Ships Enters Letter of Intent for Potential Real Estate Acquisition in Dubai
TOPS
M&A
New Projects/Investments
- TOP Ships Inc. has entered into a letter of intent for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with its President and Chief Executive Officer, Mr. Evangelos J. Pistiolis.
- The portfolio of assets has an estimated aggregate market value in excess of $200 million.
- The purchase price, if the option is exercised, will be at a 10% discount to fair market value, as determined by two independent appraisals.
- An advance cash payment of $23.5 million will be made prior to December 31, 2025, which will be credited against the acquisition price or refunded if the option is not exercised.
- The option period is 90 days following the advance payment, during which a special committee will conduct due diligence and evaluate the potential transaction.
Nov 28, 2025, 9:30 PM
TOP Ships Announces Letter of Intent for Potential Real Estate Acquisition
TOPS
New Projects/Investments
M&A
- TOP Ships Inc. has entered into a letter of intent for the potential acquisition of residential real estate assets in Dubai, with an estimated aggregate market value exceeding $200 million, from a company affiliated with its President and CEO, Mr. Evangelos J. Pistiolis.
- The purchase price, if the option is exercised, will be at a 10% discount to fair market value as determined by two independent appraisals.
- TOP Ships will make an advance cash payment of $23.5 million prior to December 31, 2025, which will be credited against the acquisition price or refunded if the option is not exercised; the option period expires 90 days following this payment.
- The entry into the letter of intent was approved by a special committee of independent board members, and the exercise of the purchase option remains subject to their approval and due diligence, with no assurance that the acquisition will be consummated.
Nov 28, 2025, 9:30 PM
TOP SHIPS INC. Extends Time Charter for MR Tanker
TOPS
New Projects/Investments
Revenue Acceleration/Inflection
- TOP SHIPS INC. has extended a time charter agreement with Weco Tankers A/S for its M/T Eco Marina Del Ray, a 50,000 dwt MR Product Tanker.
- The extension is for three years at a daily rate of $18,250.
- This time charter extension is expected to result in a total gross revenue backlog of $20.0 million.
Nov 20, 2025, 9:30 PM
TOP Ships Inc. Schedules Annual Meeting, Proposes Reverse Stock Split
TOPS
Proxy Vote Outcomes
Delisting/Listing Issues
Board Change
- TOP Ships Inc. will hold its Annual Meeting of Shareholders on December 12, 2025, to vote on key proposals.
- Shareholders will consider the election of Alexandros Tsirikos as a Class III Director and the ratification of Deloitte Certified Public Accountants S.A. as independent auditors for fiscal year 2025.
- A significant proposal seeks approval for one or more reverse stock splits of the common shares, with a ratio between one-for-two and one-for-200.
- The company states the reverse stock split is intended to increase the market price of its common shares and maintain compliance with NYSE American listing requirements.
Nov 17, 2025, 9:21 PM
TOP SHIPS INC. Completes Tanker Fleet Refinancing
TOPS
Debt Issuance
New Projects/Investments
- TOP SHIPS INC. (TOPS) announced the successful completion of sale and leaseback financing agreements for four tanker vessels with a major Chinese financier on November 17, 2025.
- The refinancing generated approximately $27.2 million in gross proceeds after the repayment of previous debt.
- The deal covers two VLCC tankers, one Suezmax tanker, and one MR Product Tanker, with bareboat charter terms of ten years for the VLCCs and Suezmax, and seven years for the MR Product Tanker.
- The company's CEO, Evangelos J. Pistiolis, stated that the cash released approximates the company's current market capitalization, and the fleet's leverage remains at a conservative level of about 52%.
- TOP SHIPS INC. also provided a guarantee for $84.0 million of obligations for Rubico Inc. under similar sale and leaseback agreements, which include cross-default provisions.
Nov 17, 2025, 2:51 PM
Rubico Inc. Completes Fleet Refinancing
TOPS
Debt Issuance
New Projects/Investments
- Rubico Inc. has closed sale and leaseback financing agreements for its two Suezmax tankers, the M/Ts Eco West Coast and Eco Malibu.
- The refinancing deals generated approximately $10.4 million in gross proceeds after repayment of previous debt and a short-term bridge loan.
- Each SLB is for an amount of $42.0 million, with bareboat charter terms including 120 monthly installments of $0.18 million for Eco West Coast and $0.19 million for Eco Malibu, along with purchase obligations of $20.0 million and $19.0 million respectively at expiry.
- The company's CEO stated that the cash released is significantly in excess of current market capitalization, and the fleet's leverage remains at a conservative level of about 50%.
- The financing agreements include covenants requiring a leverage ratio of no more than 85% and minimum liquid funds of $0.50 million for Eco Malibu and $0.40 million for Eco West Coast.
Nov 12, 2025, 4:30 PM
TOP SHIPS INC. Reports Strong H1 2025 Results, Completes Spin-Off, and Secures Refinancing
TOPS
Earnings
Debt Issuance
New Projects/Investments
- TOP SHIPS INC. reported a significant increase in net income to $7.563 million for the six months ended June 30, 2025, up 290% from $1.939 million in the same period of 2024, with revenues also increasing by 4% to $43.811 million.
- The company completed the spin-off of Rubico Inc. on August 1, 2025, distributing Rubico shares to common stockholders, and concurrently entered into $207.0 million in sale and leaseback financing agreements to refinance existing facilities, expected to close in October and November 2025.
- As of June 30, 2025, the company had a working capital deficit of $30.6 million, but management anticipates covering liquidity needs for the next 12 months through cash on hand, operating activities, and the successful completion of refinancing.
- Following the acquisition of the M/Y Para Bellvm in April 2025, TOP SHIPS INC. now operates in two reportable segments: tanker and megayacht.
Oct 7, 2025, 8:31 PM
TOP Ships Inc. secures $207.0 million in refinancing
TOPS
Debt Issuance
New Projects/Investments
- In August 2025, TOP Ships Inc. entered into four sale and leaseback financing agreements with a major Chinese financier for the refinancing of two VLCC tankers, one Suezmax tanker, and one MR product tanker.
- These transactions are expected to generate $207.0 million in total proceeds.
- Approximately $179.8 million of the proceeds will be used to repay existing financing facilities, with the remainder allocated for general working capital and potential asset acquisitions.
- The agreements are anticipated to conclude in October and November 2025, pending fulfillment of conditions.
Sep 12, 2025, 9:23 PM
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