TOP Ships Inc. reports developments tied to its international fleet of modern, fuel-efficient ECO tanker vessels. The company owns and operates vessels used to transport crude oil, petroleum and energy products, and bulk liquid chemicals, with revenue centered on time charter agreements.
Recurring company news covers time charter amendments and extensions, vessel refinancing and sale-leaseback arrangements, fleet valuation and net asset value estimates, annual Form 20-F reporting, shareholder actions, governance approvals and capital-structure matters. Updates also address specific tanker classes in the fleet, including VLCC, Suezmax and MR product tanker vessels.
TOP Ships (TOPS) completed the acquisition of three companies holding shipbuilding contracts for new MR product tankers scheduled for delivery in 2029.
The acquisition closed under a July 28, 2026 share purchase agreement with a related-party seller. Each acquired company holds one shipbuilding contract, covering three tankers in total. The vessels are described as high-specification, fuel-efficient ECO tankers fitted with scrubbers.
The acquired companies have secured five-year firm time charters with an oil major, meaning the vessels have contracted employment for a fixed period. Each charter starts upon the respective vessel's delivery. The charterer, rather than TOP Ships, holds an option to extend employment for one additional year.
TOP Ships (TOPS) reports awareness of unusual trading activity in its common stock on NYSE American on September 21–22, 2026.
The company states it is issuing this notice under Section 401(d) of the NYSE American Company Guide and, after making inquiries, does not believe any conditions requiring corrective action exist at this time. TOP Ships also states there has been no material development in its business and affairs not previously disclosed, nor, to its knowledge, any other reason to account for the unusual market action.
TOP Ships (TOPS) reported net income of $6.5 million and diluted EPS of $0.61 for the six months ended June 30, 2026.
Revenue was $25.5 million, EBITDA $17.2 million and net cash from operating activities $11.1 million. As of June 30, 2026, cash and cash equivalents (including restricted cash) were $13.3 million, total assets $373.5 million and stockholders’ equity $76.7 million.
The company’s newbuilding program now includes eight 47,499 dwt MR product tankers with seven-year charters to Trafigura and three 49,940 dwt MR tankers with five-year charters to an oil major, representing contracted revenue of $680.4 million including optional periods. Approximately 85% of construction installments are financed or expected to be financed via lease arrangements.
TOP Ships (NYSE American: TOPS) entered a share purchase agreement with a related party to acquire three special purpose vehicles, each holding a contract with a major shipbuilder for one high-spec, ECO, scrubber-fitted MR product tanker delivering in 2029. The SPVs have secured five-year time charters, plus a one-year option, with an oil major, giving a potential gross revenue backlog of about $140.6 million including optional periods.
The aggregate purchase price for 100% of the SPV shares is approximately $7.4 million, net of a $23.5 million refund from a cancelled Dubai real estate deal, and includes reimbursement of the first yard installment. Closing is expected by September 30, 2026, subject to customary conditions. According to TOP Ships, this raises potential gross revenue backlog for its ten newbuilding MR tankers to about $680 million, and total potential backlog including operating fleet and JV share to roughly $929 million. The deal was approved by a special committee of independent directors, which obtained a fairness opinion.
TOP Ships (NYSE American: TOPS) agreed to sell 100% of the shares of a Marshall Islands special purpose vehicle (SPV) to related party Rubico for approximately $6.5 million. The SPV is party to a shipbuilding contract for a 47,499 dwt chemical/product oil carrier scheduled for delivery in the second quarter of 2029.
The $6.5 million consideration is payable in full at closing, which is expected by September 30, 2026, subject to customary conditions. A special board committee of independent, disinterested directors approved the transaction and obtained a fairness opinion from an independent financial advisor.
TOP Ships (NYSE American: TOPS) reported that management estimates its net asset value (NAV) as of June 30, 2026 at $359.2 million, a 24% increase versus the NAV reported on March 10, 2026. This equates to $47.19 NAV per common share based on current shares outstanding, and $12.49 per share fully diluted, assuming conversion of all preferred shares and exercise of all warrants.
According to TOP Ships, its stock recently traded at a 94% discount to the fully diluted NAV estimate. The company highlighted a fleet with an average age of about 5.2 years and eight 47,499 dwt MR tanker newbuildings scheduled for delivery from Q2 2028 to Q4 2029. TOP Ships also intends to sell the megayacht M/Y Para Bellvm and exit the megayacht sector, aiming to redeploy released capital into its core tanker business.
TOP Ships (NYSE American: TOPS) announced it has decided to sell the 47-meter megayacht M/Y Para Bellvm, built in 2023 at the Sanlorenzo shipyard, and exit the megayacht sector. The yacht accommodates 12 guests and a crew of 10.
According to TOP Ships, the planned sale aims to release significant capital, which it expects to be a multiple of the company’s current market capitalization, for redeployment into its core modern, fuel-efficient ECO tanker business. The company cautioned there is no assurance a transaction will be completed, or regarding its timing, structure, terms, or eventual proceeds, and noted any deal would depend on definitive agreements, counterparties’ and financiers’ consent, and customary conditions.
TOP Ships (NYSE American: TOPS) announced that it has decided not to exercise its option to acquire a portfolio of residential real estate assets in Dubai that was contemplated by a November 28, 2025 letter of intent.
The company will receive a refund of the $23.5 million advance cash payment under the terms of that letter of intent and will have no further obligations related to the potential transaction. According to TOP Ships, the released capital will be redeployed into its core tanker business. The decision was taken by a special committee of independent board members, which considered continued instability in the Gulf region and the company’s appetite for further growth of its modern, fuel-efficient “ECO” tanker fleet.
TOP Ships (NASDAQ: TOPS) agreed to sell 100% of the shares of a Marshall Islands special purpose vehicle (SPV) to Rubico Inc. The SPV is counterparty to a shipbuilding contract for a very-high specification 47,499 dwt Medium Range product/chemical tanker with Guangzhou Shipyard International, scheduled for delivery in 2029.
The aggregate selling price is approximately $6.25 million, payable in full at closing. According to TOP Ships, the transaction is expected to close by September 30, 2026, subject to customary closing conditions, and was approved by a special committee of independent and disinterested directors, which obtained a fairness opinion from an independent financial advisor.
TOP Ships (NASDAQ:TOPS) reported that its 2022-built VLCC M/T Legio X has safely exited the Strait of Hormuz after remaining there during recent navigation disruption. The vessel continued earning under its time charter with no interruption to contracted cash flows. Comparable VLCC values have risen about 13% versus those used in the March 10, 2026 net asset value estimate.