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TOP Ships (NASDAQ: TOPS) tanker exits Hormuz as VLCC values rise 13%

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

TOP Ships Inc. filed a Prospectus Supplement registering up to 50,000,000 common shares under its Form F-1 registration statement.

The supplement incorporates a Form 6-K and a press release dated June 24, 2026 stating that the M/T Legio X, a 2022-built VLCC, safely exited the Strait of Hormuz and continued to earn revenue under its time charter with no interruption to contracted cash flows. The press release also cites a third-party broker estimate that comparable VLCC values rose by approximately 13% versus the management estimate used in the Company’s March 10, 2026 net asset value announcement.

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Insights

Safe vessel exit confirmed; broker estimates show ~13% higher VLCC values versus March 10, 2026.

The company reports the M/T Legio X safely exited the Strait of Hormuz and continued to generate charter revenue without interruption, preserving contracted cash flows during the disruption. The press release attributes a ~13% increase in comparable VLCC values to a third-party broker versus the management estimate used on March 10, 2026.

These points may support a short-term improvement in asset valuation metrics; subsequent filings or audited valuations will be needed to confirm any balance-sheet impact. Timing and cash-flow treatment related to the registered 50,000,000 common shares are not detailed in the excerpt.

Registered shares 50,000,000 common shares Prospectus Supplement dated June 29, 2026
VLCC value change approximately 13% third-party broker estimate vs management estimate used on March 10, 2026
Vessel cash flows no interruption to contracted cash flows M/T Legio X continued to earn revenue under time charter during Strait of Hormuz disruption
time charter financial
"continued to earn revenue under its existing time charter employment"
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.
VLCC technical
"M/T Legio X, its 2022-built Very Large Crude Carrier (“VLCC”)"
A VLCC is a very large crude carrier — one of the biggest types of oil tankers used to move crude oil across oceans. Think of it as a giant delivery truck on water that carries millions of gallons of raw oil between producing regions and refineries; changes in how many VLCCs are available or how much it costs to operate them can affect shipping rates, oil supply flows and margins, and therefore the revenues and valuations of energy and shipping companies.
net asset value financial
"management estimate of net asset value announced on March 10, 2026"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
Form 6-K regulatory
"this Prospectus Supplement is being filed to update ... with the information contained in the Company’s Report on Form 6-K"
A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.
Offering Type shelf

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Filed Pursuant to Rule 424(b)(3)
Registration No. 333-295328
 
PROSPECTUS SUPPLEMENT NO. 2
(TO PROSPECTUS DATED MAY 7, 2026)
 
Up to 50,000,000 Common Shares 
 
TOP SHIPS INC.
 
This is a supplement (the “Prospectus Supplement”) to the prospectus, dated May 7, 2026 (as supplemented or amended from time to time, the “Prospectus”) of TOP Ships Inc. (the “Company”), which forms a part of the Company’s Registration Statement on Form F-1 (Registration No. 333-295328), as amended from time to time.
 
This Prospectus Supplement is being filed to update and supplement the information included in the Prospectus with the information contained in the Company’s Report on Form 6-K, furnished to the U.S. Securities and Exchange Commission (the “Commission”) on June 26, 2026 (the “Form 6-K”). Accordingly, the Form 6-K is attached to this Prospectus Supplement.
 
This Prospectus Supplement should be read in conjunction with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in this Prospectus Supplement supersedes the information contained in the Prospectus.
 
This Prospectus Supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.
 
Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 7 of the Prospectus for a discussion of information that should be considered in connection with an investment in our securities.
 
Neither the Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
 
 
The date of this prospectus supplement is June 29, 2026.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number: 001-37889

TOP SHIPS INC.
(Translation of registrant’s name into English)

20 Iouliou Kaisara Str
19002, Paiania
Athens-Greece
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐

On June 24, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Exhibit 99.1. Press release dated June 24, 2026

The information contained in this Report is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-290238, 333-268475 and 333-267545).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
TOP SHIPS INC.
 
(Registrant)
   
Date: June 26, 2026
/s/ Evangelos J. Pistiolis
 
Evangelos J. Pistiolis
 
Chief Executive Officer


Exhibit 99.1


TOP Ships Announces Safe Exit of Vessel from the Strait of Hormuz and Stronger Vessel Values
 
ATHENS, Greece, June 24, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that the M/T Legio X, its 2022-built Very Large Crude Carrier (“VLCC”), has safely exited the Strait of Hormuz. The vessel had remained within the Strait since the beginning of the disruption to navigation through the waterway.
 
Throughout this period, the M/T Legio X continued to earn revenue under its existing time charter employment, and the Company experienced no interruption to the contracted cash flows generated by the vessel.
 
The Company further notes that, according to charter free vessel value estimates from a third-party international broker, the value of comparable VLCCs has increased by approximately 13% from the values used in the management estimate of net asset value announced on March 10, 2026.
 
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 vessel values estimates.

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


Source: View Original Filing on SEC EDGAR