Top Ships Inc. Announces Sale of Newbuilding Mega Yacht

TOP Ships (NYSE American: TOPS) entered a sale agreement to sell the shares of a vessel-owning company that holds a shipbuilding contract for the newbuilding mega yacht M/Y Sanlorenzo 1150Exp for a purchase price of $38.0 million.

Rhea-AI Summary

TOP Ships (NYSE American: TOPS) entered a sale agreement to sell the shares of a vessel-owning company that holds a shipbuilding contract for the newbuilding mega yacht M/Y Sanlorenzo 1150Exp for a purchase price of $38.0 million.

The yacht is expected to be delivered from the shipyard in the second quarter of 2027. Consummation of the share sale under the SPA is expected no later than March 31, 2026. A special independent committee of the board negotiated and approved the sale after obtaining a fairness opinion from an independent financial advisor.

Positive

• $38.0 million agreed sale price for the Owner’s shares
• Buyer identified as Rubico Inc. for the vessel-owning company
• Transaction closing deadline of March 31, 2026
• Yacht delivery expected in Q2 2027
• Sale negotiated by a special independent committee with a fairness opinion

Negative

• None.

Argus Jan 2 session

+5.09% close to close Open Argus

Details

News Market Reaction – TOPS

In the Jan 2 session, TOPS gained 5.09%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +5.1% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +5.1% in the session following this news. A strong positive reaction aligns with the company’s ongoing asset-focused strategy, including refinery and charter actions seen in prior months. The announced sale of the yacht-owning entity to Rubico for $38.0 million came with independent committee approval and a fairness opinion, potentially increasing investor confidence in governance. However, past news often saw mixed follow-through, so execution on the SPA through March 31, 2026 and delivery by Q2 2027 would remain key benchmarks.

Key Figures

Mega yacht sale price: $38.0 million Expected delivery: Q2 2027 SPA completion deadline: March 31, 2026

Mega yacht sale price

$38.0 million

Sale of vessel-owning company linked to M/Y Sanlorenzo 1150Exp

Expected delivery

Q2 2027

Scheduled delivery of the newbuilding mega yacht from shipyard

SPA completion deadline

March 31, 2026

Expected latest consummation date for purchase and sale under SPA

Historical Context

4 past events · Latest: Nov 28

4 events

1. Nov 28

   Real estate LOI

   24h Move

   +2.8%

   LOI for Dubai residential portfolio at 10% discount to appraised value.

2. Nov 20

   Charter extension

   24h Move

   -0.2%

   Three-year MR tanker charter extension adding about $20M revenue backlog.

3. Nov 17

   Fleet refinancing

   24h Move

   -2.1%

   Sale-and-leaseback refinancing of four tankers with new bareboat charters.

4. Jul 31

   Rubico spin-off

   24h Move

   -3.0%

   Distribution of 100% of Rubico Inc. shares tied to two Suezmax tankers.

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

Key Terms

sale agreement, shipbuilding contract, fairness opinion

3 terms

sale agreement financial

"announced today that it has entered into a sale agreement (the “SPA”)"

A sale agreement is a legally binding contract that sets out the terms for transferring ownership of an asset—such as shares, property, or a business—for an agreed price. For investors it matters because it fixes who will control the asset, what cash will change hands, and any conditions or warranties that affect value and risk; think of it like the detailed purchase contract you sign when buying a house.

shipbuilding contract technical

"a vessel-owning company (the “Owner”) which is party to a shipbuilding contract for a newbuilding mega yacht"

A shipbuilding contract is a formal agreement between a buyer and a shipyard for designing, building and delivering a vessel to an agreed specification, price and timeline. For investors it signals future revenue, cash flow timing, and risk exposure—like ordering a custom-built house: the buyer locks in a price and delivery but faces construction delays, cost overruns or cancellation risks that can affect the shipyard’s financial health.

fairness opinion financial

"approved the sale, after obtaining a fairness opinion from an independent financial advisor"

A fairness opinion is a professional assessment that evaluates whether the terms of a financial deal, such as a merger or acquisition, are fair from a financial point of view. It helps investors and stakeholders understand if the deal is reasonable and balanced, much like an independent expert giving an unbiased judgment on whether a price or agreement is fair. This assurance can increase confidence that the transaction is fair for all parties involved.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, Dec. 31, 2025 (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 sale agreement (the “SPA”) for the sale to Rubico Inc. of a vessel-owning company (the “Owner”) which is party to a shipbuilding contract for a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, with expected delivery from the shipyard in the second quarter of 2027 for a purchase price of $38.0 million. Consummation of the purchase and sale of the Owner’s shares under the SPA is expected to take place no later than March 31, 2026. A special independent committee composed of independent members of the Company's board of directors negotiated and approved the sale, after obtaining a fairness opinion from an independent financial advisor.

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 real estate assets.

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

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

What did TOP Ships (TOPS) announce on December 31, 2025 about the newbuilding mega yacht?

TOP Ships announced a sale agreement to sell the Owner holding the M/Y Sanlorenzo 1150Exp for $38.0 million.

Who is buying the vessel-owning company for the M/Y Sanlorenzo 1150Exp from TOP Ships (TOPS)?

The buyer named in the SPA is Rubico Inc..

When is the share purchase under the SPA between TOP Ships (TOPS) and Rubico Inc. expected to close?

Consummation of the purchase and sale of the Owner’s shares is expected no later than March 31, 2026.

When is the M/Y Sanlorenzo 1150Exp expected to be delivered from the shipyard?

The vessel is expected for delivery in the second quarter of 2027.

Did TOP Ships use any independent review for the sale of the Owner in the TOPS transaction?

Yes; a special independent committee negotiated and approved the sale after obtaining a fairness opinion from an independent financial advisor.