Top Ships Inc. Announces Acquisition of four High Specification Ice Class 1A Newbuilding MR Tankers and Gross Revenue Backlog of about $1.24 Billion

Seven-year firm charters secure employment for the new vessels, while closing remains dependent on completion of lease financing.

Rhea-AI Summary

TOP Ships (TOPS) agreed to acquire four tanker-owning companies from a related party for approximately $34.95 million. Payment is due by December 31, 2026. The companies hold construction contracts with Guangzhou Shipyard International for four ice class 1A medium-range product tankers, scheduled for delivery between June 2029 and March 2030.

The vessels have secured seven-year firm charters with an Oil Major, starting upon delivery, with extension options of up to three years. Their potential gross revenue backlog is approximately $316.9 million, assuming all extensions. TOP Ships expects total potential backlog, including optional periods and its 50% share of joint-venture vessel backlog, to reach approximately $1.24 billion upon closing. Closing depends on the seller concluding lease financing covering approximately 85% of shipbuilding installments. An independent board committee approved the acquisition after obtaining a fairness opinion.

5 points · 2 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Agreed acquisition adds four ice class 1A tankers, scheduled for delivery between June 2029 and March 2030.
• Major point. Forward-looking: it has not happened yet and may not happen.Total potential gross revenue backlog is expected to reach approximately $1.24 billion upon closing, including optional periods. 303× market cap
• Moderate pointNew vessels secured seven-year firm charters with an Oil Major, commencing upon their respective deliveries.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Pending lease financing would cover approximately 85% of all shipbuilding installments.
• Minor point. Forward-looking: it has not happened yet and may not happen.TOP Ships says the acquisition will expand its ice class fleet to seven vessels and add another oil-major charterer.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Acquisition consideration of approximately $34.95 million is payable by December 31, 2026. 8.5× market cap
• Moderate pointClosing remains subject to the seller's successful conclusion of lease financing.
• Minor pointPotential backlog includes charterer-held extension options of up to three additional years for the acquired vessels.

Argus 15 min delay 34 alerts

-11.81% vs previous close $0.47 last price 177.9x rel. volume Open Argus

Details

Market move: TOPS -11.81% vs previous close. Four-tanker acquisition

$0.45 – $0.68 Day Range

$3.61M Market Cap

On Oct 7, the day this news came out, the latest delayed price for TOPS is 11.81% below the previous close. Our momentum scanner has recorded 34 alerts for this stock so far that day. The latest delayed price is $0.47. Relative volume is exceptionally heavy at 177.9x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Tankers acquired: 4 vessels Shipbuilding installment financing: Approximately 85% Charter duration: 7 years firm; options for up to 3 additional years +3 more

Tankers acquired

4 vessels

Newbuilding MR product tankers scheduled for delivery between June 2029 and March 2030

Shipbuilding installment financing

Approximately 85%

Financings are being finalized by the SPVs

Charter duration

7 years firm; options for up to 3 additional years

Time charters commence upon vessel delivery

Potential gross revenue backlog

Approximately $316.9 million

Four newbuilding MR tankers, assuming all available charter extension options are exercised

Aggregate purchase price

Approximately $34.95 million

For 100% of the SPV shares; payable by December 31, 2026

Total potential gross revenue backlog

Approximately $1.24 billion

Includes operating fleet charters and the company's 50% proportionate share of JV vessel backlog, including optional periods

Previous Acquisition Reports

3 past events · Latest: Sep 30

Same Type 3 events

1. Sep 30

   Acquisition closing

   24h Move

   -7.0%

   Closed acquisition of three newbuilding MR tanker SPVs with five-year charters.

2. Jul 29

   Tanker acquisition

   24h Move

   -12.4%

   Agreed to acquire three MR tanker SPVs with five-year charters and one-year options.

3. Feb 23

   Tanker acquisition

   24h Move

   -10.8%

   Agreed to acquire nine ECO MR newbuildings with time-charter employment and potential backlog.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

share purchase agreement, lease financing agreements, time charter, ice class 1a

4 terms

share purchase agreement financial

"entered into a share purchase agreement with a related party"

A share purchase agreement is a written contract that outlines the terms and conditions for buying and selling shares of a company. It specifies details like the price, number of shares, and any special conditions, ensuring both buyer and seller agree on the transaction. For investors, it provides clarity and legal protection, making sure the purchase is clear and enforceable.

lease financing agreements financial

"are finalizing lease financing agreements"

A lease financing agreement is a contract where a company obtains the use of an asset (like equipment, vehicles, or property) by paying periodic lease payments instead of buying it outright; it’s like a long-term rental that can include options to renew or buy. Investors care because these agreements change a company’s cash flow requirements and financial obligations, affect reported assets and liabilities, and can influence credit risk and profitability—similar to how taking on a mortgage vs. renting changes a household’s monthly budget and balance sheet.

time charter technical

"secured time charter employment for the vessels"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

ice class 1a technical

"four high-specification, ECO, ice class 1A MR Product Tankers"

An ice class 1A (often written 1A or 1A⁻ depending on system) is a ship classification indicating the vessel’s hull, propulsion and maneuvering systems are strengthened and powered for operation in moderate first-year sea ice without continuous icebreaker assistance. Exact structural reinforcement, engine power and operational limits tied to the 1A label are set by classification societies or national ice rules, so the technical requirements vary by registry; broadly, 1A vessels can navigate thicker seasonal ice than lower classes but are not built for heavy multi‑year or polar ice conditions.

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ATHENS, Greece, Oct. 07, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that it has entered into a share purchase agreement with a related party (the “Seller”) to purchase the shares of four companies (the "SPVs") which have entered into shipbuilding contracts with Guangzhou Shipyard International Company Limited for the construction of four high-specification, ECO, ice class 1A MR Product Tankers to be delivered between June 2029 and March 2030.

The SPVs are finalizing lease financing agreements (the "Financings"), arranged by the Seller with a major Chinese leasing company, covering approximately 85% of all shipbuilding installments.

The SPVs have secured time charter employment for the vessels with an Oil Major, commencing upon their respective deliveries, for a firm duration of seven years, with the charterer holding options to extend for up to three additional years. The total potential gross revenue backlog from these contracts, assuming the exercise of all available charter extension options, is approximately $316.9 million.

The aggregate purchase price for 100% of the issued shares of the SPVs is approximately $34.95 million (the "Consideration") and is payable by 31 December 2026. The closing of the transaction is subject to customary closing conditions and the successful conclusion of the Financings by the Seller.

The acquisition was approved by a special committee consisting of independent and disinterested members of the Company's board of directors, which obtained a fairness opinion with respect to the Consideration from an independent financial advisor.

The Company's CEO said:

"Today’s deal is consistent with our recently announced redeployment of capital into our core tanker business, while at the same time further expanding our ice class fleet to 7 vessels and diversifying our charterer base with the addition of another oil major. These four high-specification, ice class vessels enhance the trading flexibility of our fleet, and their seven-year firm charters provide long-term contracted employment with a first-class counterparty well into the next decade. The total potential gross revenue backlog from these four newbuilding MR tankers, assuming the exercise of all available charter extension options, is approximately $317 million. Upon closing of this transaction, the total potential gross revenue backlog, from our fourteen newbuilding MR tankers, assuming the exercise of all available charter extension options, will be approximately $997 million. Including contracted time charters for our operating fleet and our 50% proportionate share of the backlog attributable to our JV vessels, total potential gross revenue backlog —including optional periods—will increase to approximately $1.24 billion, demonstrating the strength and visibility of our future potential cash flows. We remain focused on building a modern, high-specification fleet, with approximately 85% of the shipbuilding installments financed, employed on long-term charters with leading energy companies and traders, which we believe enhances the stability of our future revenue streams and positions the Company well for the next chapter of its development."

About the Company
TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. The Company’s tanker operating fleet has a total capacity of 857,000 dwt and consists of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt VLCCs and, through a joint venture, 50% interests in two 50,000 dwt product tankers. The Company has entered into newbuilding contracts for ten 50,000 dwt MR newbuilding tankers scheduled for delivery from the second quarter of 2028 through the fourth quarter of 2029. In addition, the Company has entered into a share purchase agreement to acquire four shipowning companies that have entered into newbuilding contracts for four high-specification 50,000 dwt MR newbuilding tankers scheduled for delivery from the second quarter of 2029 through the first quarter of 2030, with closing being subject to customary closing conditions and the successful conclusion of the Financings by the Seller. The Company also owns the megayacht M/Y Para Bellvm, which it has announced its intention to divest. The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. Its common shares trade on the NYSE American under the symbol “TOPS”. For more information about TOP Ships Inc., visit its website: www.topships.org.

For further information please contact:
Alexandros Tsirikos

Chief Financial Officer

TOP Ships Inc.

Tel: +30 210 812 8107

Email: atsirikos@topships.org

Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding future revenues and cash flows, potential gross revenue backlog, redeployment of capital, the acquisition of the SPVs and the expected timing of its closing, the expected delivery of the newbuilding vessels, the commencement of, and the declaration of optional periods under, the related time charters, the availability of financing for the newbuilding vessels, the intended divestment of the M/Y Para Bellvm, and the Company’s future fleet, business strategy and prospects.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is TOP Ships paying for the four newbuilding tanker companies?

TOP Ships agreed to pay approximately $34.95 million for 100% of the issued shares of four companies holding tanker construction contracts. The consideration is payable by December 31, 2026, and the seller is a related party.

How much potential revenue backlog do TOP Ships' four new tankers add?

The four vessels have potential gross revenue backlog of approximately $316.9 million, assuming all available charter extension options are exercised. Their firm charters run for seven years from delivery, with the charterer holding options for up to three additional years.

How much backlog does TOP Ships expect from its fourteen newbuilding MR tankers?

TOP Ships expects potential gross revenue backlog from its fourteen newbuilding medium-range tankers to reach approximately $997 million upon closing. That amount assumes exercise of all available charter extension options.