TOP Ships Inc. Announces Agreement to Acquire Nine ECO MR Product Tanker Newbuildings with Time Charter Employment and Potential Gross Revenue Backlog of about $679 million
Rhea-AI Summary
TOP Ships (NASDAQ:TOPS) agreed to acquire nine ECO 47,499 dwt MR product/chemical tanker newbuildings via purchase of SPV shares from an entity affiliated with the CEO.
Deliveries are scheduled in 2028–2029; the company agreed to pay about $41 million aggregate and the planned time charters total a potential gross revenue backlog of about $679 million including optional years.
The shipbuilding contracts require customary refund guarantees and the acquisition is subject to conclusion of lease financings and the Company providing corporate guarantees.
Positive
- Potential gross revenue backlog of $679 million
- Acquisition price of about $41 million for nine vessels
- Firm 7-year time charters secured from delivery with 4-year option
Negative
- Transaction is a related-party acquisition involving CEO-affiliated seller
- Acquisition and contracts subject to refund guarantees and financing completion
- Company must provide a corporate guarantee to leasing companies
Market Reaction – TOPS
Following this news, TOPS has declined 10.58%, reflecting a significant negative market reaction. Argus tracked a trough of -14.0% from its starting point during tracking. Our momentum scanner has triggered 16 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $4.48. This price movement has removed approximately $2M from the company's valuation. Trading volume is exceptionally heavy at 157.8x the average, suggesting significant selling pressure.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
TOPS is up 1.83% while key peers show mixed moves: PXS -2.2%, BANL -7.19%, MARPS -4.48%, with IMPP +1.79% and DLNG +0.49%. This pattern points to stock-specific drivers rather than a broad sector move.
Previous Acquisition Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 28 | Related-party acquisition LOI | Positive | +2.8% | LOI to acquire discounted Dubai real estate assets from CEO affiliate. |
Prior acquisition-type, related-party news with board committee oversight drew a modestly positive price reaction.
Recent history for TOPS shows recurring related-party asset deals overseen by independent board committees. On Nov 28, 2025, the company signed an LOI to potentially acquire Dubai real estate assets from a CEO-affiliated entity at a discount to fair market value, following independent appraisals and special committee approval. That announcement saw a 2.84% 24-hour move. Today’s planned acquisition of nine tanker SPVs from a CEO affiliate, again vetted by a special committee and supported by a fairness opinion, fits this pattern of structured, committee-reviewed related-party growth transactions.
Historical Comparison
In the past 6 months, TOPS had 1 acquisition-type event with an average 2.84% move, also involving a related-party transaction reviewed by a special committee.
Acquisition activity progressed from an LOI on CEO-affiliated Dubai real estate to a planned purchase of nine tanker-owning SPVs, both structured as related-party deals requiring independent committee approval.
Market Pulse Summary
The stock is dropping -10.6% following this news. A negative reaction despite the substantial chartered backlog potential could fit concerns about execution and related-party complexity. The company plans to acquire nine tanker-owning SPVs for about $41 million, relying on lease financings from Chinese lessors and a corporate guarantee. As with prior related-party transactions, the presence of a special board committee and a fairness opinion may mitigate governance worries, but financing conditions and long-dated deliveries through 2028–2029 remain important risks.
Key Terms
fairness opinion financial
AI-generated analysis. Not financial advice.
ATHENS, Greece, Feb. 23, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has entered into an agreement with an entity affiliated with the Company’s Chief Executive Officer, (“the Seller”), to acquire
The ship building contracts’ effectiveness is subject to the issuance of customary refund guarantees and the acquisition of the SPVs is subject to conclusion of financing arrangements. Specifically, the SPVs are currently finalizing lease financing agreements (the “Financings”) with two major Chinese leasing companies, one being ABC Financial Leasing Co., Ltd. or its controlled entities, covering the majority of the ship building contracts’ price for all nine vessels. The Financings were arranged by the Seller and their conclusion is subject to customary closing conditions, including the provision of the Company’s corporate guarantee to the leasing companies.
The Seller has also secured time charter employment with a major oil trader, for all vessels, starting from their delivery and for a firm duration of seven years, with charterer’s option to extend for four additional years.
The total potential gross revenue backlog from these contracts, including optional years, is about
The Company has agreed to acquire the shares of all SPVs for an aggregate purchase price of about
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. For more information about TOP Ships Inc., visit its website: www.topships.org.
Cautionary Note Regarding 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 the potential acquisition of newbuilding tankers.
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 our 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 we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.
For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org
FAQ
What exactly is TOP Ships (TOPS) acquiring in February 2026?
How much will TOP Ships (TOPS) pay for the nine newbuildings and what is the revenue outlook?
Are the nine newbuilding contracts and acquisition conditional for TOP Ships (TOPS)?
What are the charter terms attached to the nine vessels TOP Ships (TOPS) is acquiring?
Was the TOP Ships (TOPS) related‑party transaction independently reviewed and approved?
