TOP Ships puts NAV at $289M, $45.13 fully diluted

TOP Ships Inc. filed a report highlighting management’s estimate of the company’s net asset value.

Rhea-AI Filing Summary

TOP Ships Inc. filed a report highlighting management’s estimate of the company’s net asset value. Based on recent charter-free vessel values from a third-party broker, outstanding debt and cash, management estimates NAV at $289 million as of December 31, 2025, including its 50% joint venture vessel.

This corresponds to an estimated NAV of $58.81 per common share based on currently outstanding shares and $45.13 per share on a fully diluted basis, assuming exercise of all 1,488,478 outstanding warrants. The CEO stated that, based on the latest market close, the shares trade at a 91.2% discount to the company’s current estimate of fully diluted NAV.

The company notes its fleet has an average age of about 4.8 years and consists of modern, eco-friendly, fuel-efficient tanker vessels. It reports that existing time charters with high-quality customers have been generating positive cash flow and income, with the earliest charter expiring in Q1 2028 and the longest running to Q3 2031.

Insights

Maritime equity valuation analyst

TOP Ships provides a detailed NAV estimate and highlights a large trading discount.

TOP Ships reports a management-estimated net asset value of $289 million as of December 31, 2025, based on third-party vessel valuations, debt, and cash, including its 50% joint venture interests. On a per-share basis, this equates to $58.81 on current shares and $45.13 fully diluted.

The CEO notes that, using the latest market close, the stock trades at a 91.2% discount to the fully diluted NAV estimate. This emphasizes a wide gap between asset-based valuation and equity pricing, though the NAV is a management estimate and depends on broker valuations and capital structure inputs.

Management also underscores fleet quality and contracted revenue visibility, citing an average vessel age of about 4.8 years and time charters extending from Q1 2028 to Q3 2031. These details frame the NAV within a context of modern assets and multi-year charter coverage, while forward-looking statements remain subject to the risks outlined in the company’s SEC filings.

FAQ

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

What net asset value did TOPS management estimate in the March 2026 6-K?

TOP Ships’ management estimated a net asset value of $289 million as of December 31, 2025. This figure incorporates charter-free vessel values from a third-party broker, along with the company’s debt and cash, and includes its 50% joint venture vessel interests.

What is TOPS’s estimated NAV per share according to this filing?

Management estimates NAV at $58.81 per common share based on currently outstanding shares. On a fully diluted basis, assuming exercise of all 1,488,478 outstanding warrants, the estimated NAV is $45.13 per share as of December 31, 2025.

How does TOP Ships (TOPS) share price compare to its estimated NAV?

The CEO states that, using the latest market close, TOP Ships trades at a 91.2% discount to the company’s current estimate of fully diluted NAV. This highlights a substantial gap between the stock’s market value and management’s asset-based valuation.

What assumptions underpin TOPS’s $289 million NAV estimate?

The NAV estimate uses charter-free vessel values from a third-party international broker, plus the company’s debt and cash, as of December 31, 2025. It also includes the values, debt, and cash related to TOP Ships’ 50% joint venture vessel.

What is the average age and profile of TOP Ships’ fleet?

TOP Ships reports an average fleet age of about 4.8 years. The vessels are described as state-of-the-art, eco-friendly, and fuel-efficient tanker ships designed to transport crude oil, petroleum products, and bulk liquid chemicals under modern environmental and efficiency specifications.

How long do TOP Ships’ current time charters run according to the 6-K?

TOP Ships notes that its time charters with high-quality customers generate positive cash flow and income. The earliest charter expiry is in Q1 2028, while the longest charter extends to Q3 2031, providing multi-year contracted employment visibility.

What forward-looking statement caution does TOPS include with this NAV disclosure?

The company explains that certain statements are forward-looking, based on assumptions and subject to significant uncertainties beyond its control. It references U.S. safe harbor protections and directs readers to its SEC filings for a fuller discussion of risks and uncertainties.

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

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Accepted by SEC EDGAR 03/10/2026 - 10:15 AM Learn about SEC filing dates

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 March 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 [ X ]      Form 40-F [   ]

On March 10, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

(c) Exhibit 99.1. Press release dated March 10, 2026

The information contained in this Report, other than the speech of the company's CEO, 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: March 10, 2026		/s/ Evangelos J. Pistiolis
		Evangelos J. Pistiolis
		Chief Executive Officer

EXHIBIT 99.1

Top Ships Announces Management Estimate of Net Asset Value at $289 Million

ATHENS, Greece, March 10, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the Company’s net asset value (“NAV”) as of December 31, 2025 to be $289 million (including the Company’s 50% Joint Venture vessel’s values, debt and cash). This translates into a NAV of $58.81 per common share (based on number of common shares currently outstanding) and $45.13 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants).

The Company’s CEO said:

“As per the latest market close, we are trading at a 91.2% discount to the Company’s current estimate of the fully-diluted NAV of the Company. The company’s fleet has an average age of about 4.8 years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Our time charters with high quality customers have been generating positive cashflow and income and we expect that they will continue the same way, since our earliest time charter expires in Q1 2028 and the longest one expires in Q3 2031.”

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 with respect to the Company’s future operational performance and the trading of the Company’s shares.

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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 PRESS RELEASE 4.9 KB