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. (NYSE American: TOPS) is an international owner and operator of modern, fuel-efficient ECO tanker vessels that transport crude oil, petroleum products, and bulk liquid chemicals under time charter agreements. The news flow around TOP Ships provides insight into how the company manages its tanker fleet, financing, and corporate structure.
Recent press releases highlight charter contract developments, such as the amendment of the time charter for the Suezmax tanker M/T Eco Oceano with Central Tankers Chartering Inc. at a higher daily rate and a defined five-year term, as well as the three-year extension of the time charter for the MR product tanker M/T Eco Marina Del Ray with Weco Tankers A/S. These announcements show how TOP Ships adjusts contract terms and duration with counterparties, including both affiliated and third-party charterers.
TOP Ships’ news also covers fleet and financing transactions, including the completion of sale and leaseback financing agreements with a major Chinese financier for VLCCs, a Suezmax tanker, and an MR product tanker. Such releases describe bareboat charter periods, hire payments, and purchase obligations or options, along with covenants on leverage and liquidity.
Another recurring theme is corporate actions and strategic initiatives. The company has announced the planned spin-off of two Suezmax tanker vessels into Rubico Inc., a separate Nasdaq-listed entity, and has provided updates on the approval of Rubico’s listing application, the effectiveness of its Form 20-F registration statement, and the distribution and trading dates for Rubico shares. Additional news includes a letter of intent for potential acquisition of residential real estate assets in Dubai and a sale agreement related to a newbuilding mega yacht.
Investors and observers can use this news page to follow TOP Ships’ time charter arrangements, sale-and-leaseback financings, spin-off progress, governance decisions, and other disclosed developments affecting its tanker operations and related segments.
TOP Ships has successfully completed the sale of its MR2 product tanker, Eco City of Angels, to third parties for approximately $9.4 million in cash before fees. The company has also fully prepaid the related secured financing. Additionally, 7,200,000 Series F Preferred Shares have been issued as of the release date. This strategic move could enhance liquidity and bolster TOP Ships' financial position moving forward.
TOP Ships Inc. announced it has regained compliance with the minimum bid price requirement for the Nasdaq Capital Market, as per Nasdaq Listing Rule 5550(a)(2). This notification indicates a positive step for the company, enhancing its listing sustainability. TOP Ships operates modern, fuel-efficient tanker vessels and aims to assure shareholders of its ongoing compliance and operational performance.
TOP Ships reported unaudited financial results for 2021, revealing total revenues of $56.4 million and net income of $8.6 million, achieving the highest net income since 2008. The earnings per share stood at $0.14 and adjusted EBITDA was $35.2 million. The company also announced the conclusion of its newbuilding program, resulting in a fixed revenue backlog of approximately $361 million. Recent developments include the sale of the M/T Eco Los Angeles and the acquisition of the M/T Eco Oceano Ca, now in a fifteen-year time charter.
TOP Ships Inc. has taken delivery of a new Very Large Crude Oil Carrier (VLCC) named M/T Legio X Equestris from Hyundai Heavy Industries, South Korea. The vessel will commence a three-year time charter with a major oil trader, which includes two optional yearly extensions. This agreement is projected to generate a revenue backlog of approximately $68.5 million, with an expected contribution of $10.8 million in revenue for 2022 alone.
TOP Ships Inc. announced significant charter agreements for its vessels ECO Bel Air and ECO Beverly Hills, which will enter time charter employment with a major oil trader for 20 to 26 months at a daily rate of $24,000. Additionally, the firm period of the time charter for ECO Oceano CA has been extended from 5 years to 15 years, though the daily rate is reduced from $32,450 to $24,500. The amendments were approved by an independent committee of the board, ensuring fairness. These developments signal a strategic shift to enhance revenue stability amidst market fluctuations.
TOP Ships Inc. has secured credit committee approval for financing up to 80% of the shipbuilding cost for the M/T Eco Oceano CA, a Suezmax tanker vessel currently under construction in South Korea. This financing will be executed via a sale and leaseback agreement with a major international financier. Once the customary legal documentation is finalized, the company’s remaining newbuilding program will be fully funded, signaling a significant step in their operational financing strategy.
TOP Ships Inc. announced on Jan. 28, 2022, that it received a notification from Nasdaq regarding its common stock, which has fallen below the $1.00 minimum bid price for 30 consecutive business days. The company has a 180-day grace period, until July 25, 2022, to regain compliance. To address this, TOP Ships is considering options, including a reverse stock split, to boost its stock price. Despite this issue, the company stated that its business operations remain unaffected. The stock will continue to be listed on Nasdaq during the grace period.
TOP Ships Inc. announced the delivery of the new Very Large Crude Carrier (VLCC) M/T Julius Caesar from Hyundai Heavy Industries. The vessel has begun a three-year charter with expected revenue of $68.8 million, contributing $12.5 million in 2022. The company will sell two MR product tankers, estimating $17.5 million in net proceeds for newbuilding programs. Additionally, secured financing of $54 million and an unsecured credit facility of up to $20 million have been arranged to support the construction of new vessels, including the M/T Eco Oceano CA.
TOP Ships Inc. reported its unaudited financial results for the six months ended June 30, 2021, showcasing total revenues of $25.3 million and net income of $1.7 million. The company achieved an Adjusted EBITDA of $14.3 million and total assets of $353.1 million. Significant developments included the sale of non-scrubber fitted vessels and expansion of its fleet with the addition of four high-specification tankers, enhancing fuel efficiency and emissions compliance. These new vessels are projected to boost performance in the second half of 2021.
TOP Ships Inc. has successfully sold its last non-scrubber fitted vessel, the MR product tanker Nord Valiant, for approximately $6.9 million in net cash proceeds before fees and expenses. This sale marks a significant step in the company's strategy to enhance its fleet's efficiency by focusing on modern, fuel-efficient "ECO" tanker vessels. Additionally, the related financing for the vessel has been fully prepaid, further improving the company's financial position.
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