Welcome to our dedicated page for Top Ships news (Ticker: TOPS), a resource for investors and traders seeking the latest updates and insights on Top Ships stock.
TOP Ships Inc (TOPS) operates a global fleet of tanker vessels specializing in crude oil, petroleum products, and bulk liquid chemical transportation through time charter agreements. This news hub provides investors and industry professionals with timely updates on corporate developments, operational milestones, and market positioning within the maritime logistics sector.
Access official press releases and third-party analyses covering earnings reports, fleet expansions, strategic partnerships, and regulatory compliance updates. Our curated news collection eliminates the need to monitor multiple sources, offering a centralized resource for tracking TOPS' role in global energy supply chains.
Key updates include vessel acquisitions, charter rate negotiations, sustainability initiatives, and management changes. All content is verified for accuracy and relevance to support informed decision-making without promotional bias.
Bookmark this page for direct access to TOPS' latest announcements and expert commentary on its operational performance. Combine real-time updates with historical context to analyze long-term trends in maritime transportation markets.
TOP Ships (NYSE American:TOPS) entered a letter of intent to potentially acquire certain residential real estate assets in Dubai from a company affiliated with its CEO, with an estimated aggregate market value in excess of $200 million. The LOI grants TOP Ships an exclusive option to buy all or part of the portfolio at a 10% discount to fair market value (determined by two independent appraisals).
TOP Ships will make an advance cash payment of $23.5 million prior to December 31, 2025, credited to the purchase price or refunded if the option is not exercised; the option period expires 90 days after the advance payment. A special committee of independent directors approved the LOI and will conduct due diligence and must approve any exercise; there is no assurance the purchase will be completed.
Top Ships (NYSE:TOPS) announced on November 20, 2025 a three-year extension of the time charter with Weco Tankers A/S for its 50,000 dwt MR product tanker M/T Eco Marina Del Ray. The extension is at a daily rate of $18,250 and the company expects a $20.0 million total gross revenue backlog tied to this charter extension.
This secures multi-year contracted revenue for the vessel and quantifies the backlog tied directly to the new charter terms.
Top Ships (NYSE:TOPS) closed sale-and-leaseback financings for four vessels, generating gross proceeds of about $27.2 million after debt repayment. The transactions refinance two 300,000 dwt VLCCs (M/T Julius Caesar, Legio X Equestris), one 157,000 dwt Suezmax (M/T Eco Oceano) and one 50,000 dwt MR tanker (M/T Eco Marina Del Ray).
Key terms: bareboat charters for 10 years (seven years for Eco Marina Del Ray); monthly bareboat installments of $0.25M per VLCC and $0.18M for the Suezmax and MR; purchase obligations at charter expiry of $38.5M per VLCC, $20.0M Suezmax and $13.0M MR; interest at 3-month SOFR + 1.95%. Company reports fleet leverage near 52% and covenant caps at 85% leverage. TOPS provided guarantees including an aggregate $84.0M guarantee tied to related Rubico SLBs.
TOP Ships (NYSE American:TOPS) has announced the distribution date for its planned spin-off of Rubico Inc. The distribution of Rubico common shares is scheduled for August 1, 2025, with trading expected to commence on Nasdaq Capital Market under ticker "RUBI" on August 4, 2025.
The spin-off involves two modern Suezmax tankers: the M/T Eco Malibu and M/T Eco West Coast, each being 157,000 dwt vessels equipped with scrubbers and fuel-efficient features. TOP Ships will distribute 100% of Rubico's common shares pro rata to securityholders of record as of June 16, 2025, which is also the ex-distribution date established by NYSE American.
TOP Ships (NYSE American: TOPS) announced that its spin-off company Rubico Inc. has received approval to list on the Nasdaq Capital Market. The spin-off involves the distribution of 100% of Rubico's common shares to TOP Ships securityholders of record as of June 16, 2025, expected to occur in July 2025.
The spin-off will include two modern Suezmax tankers: the M/T Eco Malibu and M/T Eco West Coast, both 157,000 dwt vessels equipped with scrubbers and fuel-efficient features. Rubico's shares will trade under the ticker "RUBI" following the distribution.
TOP Ships Inc. (NYSE: TOPS), a company specializing in modern, fuel-efficient 'ECO' tanker vessels, has announced the filing of its 2024 Annual Report (Form 20-F) with the U.S. Securities and Exchange Commission. The report, covering the fiscal year ended December 31, 2024, is now accessible through the company's website at www.topships.org and the SEC's website at www.sec.gov.
TOP Ships Inc. (NYSE: TOPS) has announced significant time charter extensions for two of its vessels, M/T Eco Yosemite Park and M/T Eco Joshua Park, at improved rates. The 50% owned subsidiaries operating these MR tankers have secured 7-year time charters starting August 1, 2024, with a 12% increase in the daily hire rate to $19,500. This extension is expected to generate approximately $100 million in revenue for the firm period. The charterers retain the option to extend each charter for an additional two years. This development showcases TOP Ships' ability to secure long-term contracts at favorable rates, potentially enhancing its financial stability and revenue streams in the coming years.
TOP Ships Inc. has started a 3-year time charter contract for its product/chemical tanker M/T Eco Marina Del Rey at a strong rate, with a potential revenue backlog of $22.4 million for the firm period and $30.7 million if extended.
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