Jul. 29 at 8:18 PM
Following recent capital redeployment announcements, Top Ships Inc. (NYSE American:
$TOPS ) announced a share purchase agreement with a related party to acquire the shares of three SPVs, each of which is party to a shipbuilding contract for a high-specification, ECO, scrubber-fitted MR Product Tanker to be delivered in 2029.
TOP Ships is a B2i Digital Featured Company. See the company’s profile at https://b2idigital.com/top-ships
The vessels arrive with employment already secured:
• Each SPV has secured a firm five-year time charter with an oil major from delivery, with a one-year extension option; total potential gross revenue backlog from these contracts, including optional periods, is approximately
$140.6 million.
• The aggregate purchase price for 100% of the SPVs’ shares, net of the
$23.5 million refund from the cancelled Dubai real estate deal, is approximately
$7.4 million, payable in full at closing. Closing is expected by September 30, 2026, subject to customary closing conditions.
• A special committee of independent and disinterested board members approved the acquisition, supported by a fairness opinion from an independent financial advisor.
Read the full release: https://www.globenewswire.com/news-release/2026/07/29/3335241/14465/en/top-ships-inc-announces-acquisition-of-three-high-specification-newbuilding-mr-tankers-and-potential-gross-revenue-backlog-of-about-0-93-billion.html
Counting contracted time charters for the operating fleet and the Company’s 50% proportionate share of JV-vessel backlog, total potential gross revenue backlog, including optional periods, rises to approximately
$929 million, according to Evangelos J. Pistiolis, Chief Executive Officer of TOP Ships.
TOP Ships Inc. is an international owner and operator of ocean-going vessels focused on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty), and bulk liquid chemicals.
For investor inquiries, contact Alexandros Tsirikos, Chief Financial Officer, at +30 210 812 8107 or
[email protected].
For more information, visit www.topships.org.
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Disclosure: David Shapiro, Chief Executive Officer of B2i Digital, personally purchased in the open market and currently owns shares of unrestricted TOPS stock, in line with B2i Digital’s practice of investing alongside its Featured Companies. See the complete Disclosure at https://b2idigital.com/disclaimer. B2i Digital is not a broker-dealer or investment adviser.
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