[6-K] TOP SHIPS INC. Current Report (Foreign Issuer)
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
TOP Ships Inc. reports that its 2022-built Very Large Crude Carrier M/T Legio X has safely exited the Strait of Hormuz after remaining in the waterway during a period of navigation disruption. During this time, the vessel stayed on its existing time charter and continued earning revenue, so the company saw no interruption in the contracted cash flows from this ship.
The company also notes that, based on estimates from a third-party international broker, charter-free values for comparable VLCCs have risen by approximately 13% versus the values used in the management net asset value estimate announced on March 10, 2026. This suggests a firmer asset-value environment for large crude carriers in TOP Ships’ fleet.
Positive
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Negative
- None.
Key Figures
Vessel build year: 2022-built
VLCC value change: approximately 13%
Prior NAV reference date: March 10, 2026
3 metrics
Vessel build year
2022-built
M/T Legio X Very Large Crude Carrier
VLCC value change
approximately 13%
Increase in comparable VLCC charter-free values vs March 10, 2026 NAV inputs
Prior NAV reference date
March 10, 2026
Management net asset value estimate used for comparison
Key Terms
Very Large Crude Carrier, time charter, net asset value, forward-looking statements, +1 more
5 terms
Very Large Crude Carrier financial
"its 2022-built Very Large Crude Carrier (“VLCC”), has safely exited"
A very large crude carrier (VLCC) is one of the biggest ocean tankers built to move crude oil in extremely large quantities—roughly the size of a floating oil city, typically carrying around 2 million barrels. Investors watch VLCCs because their availability, operating costs and charter rates affect the price and flow of crude oil and the profitability of shipping and energy companies, much like how the number of long-haul trucks influences goods delivery costs on land.
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.
net asset value financial
"values used in the management estimate of net asset value announced"
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.
forward-looking statements regulatory
"Matters discussed in this press release may constitute forward-looking statements."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"The Private Securities Litigation Reform Act of 1995 provides safe harbor protections"
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 ☐
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.
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TOP SHIPS INC.
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(Registrant)
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Date: June 26, 2026
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/s/ Evangelos J. Pistiolis
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Evangelos J. Pistiolis
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Chief Executive Officer
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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