Welcome to our dedicated page for Top Ships SEC filings (Ticker: TOPS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
TOP Ships Inc. filings document the disclosure record of a foreign private issuer operating an ECO tanker fleet. Form 20-F and Form 6-K reports cover vessel operations, time charter agreements, fleet valuation disclosures, annual reporting, material press releases and registration-statement incorporation.
The company’s regulatory filings also describe equity purchase and registration rights arrangements, sale-leaseback financing, shareholder meeting results, auditor ratification, director elections, reverse stock split authorization, governance approvals, risk factors and capital-structure disclosures. These records connect the company’s shipping operations with its public-company financing, governance and reporting obligations.
TOP Ships Inc. entered a Common Share Purchase Agreement with B. Riley Principal Capital II, giving it the right to sell up to $50.0 million of common shares over a 36‑month period, at its sole discretion. Shares sold will be priced at 97% of VWAP for the relevant trading period, with a minimum prior‑day closing price of $1.00 per share and a 4.99% beneficial ownership cap for B. Riley. The company has also filed a Form F‑1 to register 50,000,000 common shares for B. Riley’s resale. Proceeds are expected to be used for general corporate purposes, including working capital, debt repayment and fleet expansion.
TOP Ships Inc. filed a registration statement to register for resale up to 50,000,000 Common Shares by B. Riley Principal Capital II, LLC under a committed purchase agreement. The company may, at its option, sell up to $50,000,000 of Common Shares to the Selling Shareholder; proceeds from resales by the selling holder will not be paid to the company. As of April 24, 2026, TOP Ships had 5,500,820 Common Shares outstanding and reported that related trusts and affiliates control approximately 98.22% of total voting power, which may limit public shareholders' influence.
TOP Ships Inc. submitted a Form 6-K to notify investors that it has filed its annual report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The annual report is available on both the company's website and the SEC’s website.
The company describes itself as an international owner and operator of modern, fuel-efficient eco tanker vessels that transport crude oil, petroleum products and bulk liquid chemicals.
TOP SHIPS INC. filed an initial insider ownership statement naming Karelas Konstantinos as a reporting person. He is identified as a director of the company and is not listed as an officer or a ten percent owner in this filing. The statement does not report any insider transactions.
TOP SHIPS INC. director and Chief Financial Officer Tsirikos Alexandros has filed an initial Form 3 insider ownership statement. This filing establishes his status as a reporting person for the company under SEC rules and does not list any share transactions or holdings.
TOP SHIPS INC. director Maria Zoupou filed an initial Form 3, which is a required statement of beneficial ownership for company insiders. The filing lists her as a director of TOP SHIPS INC. but does not report any transactions or holdings in this excerpt.
TOP SHIPS INC. director Paolo Javarone filed an initial Form 3, which is the required statement of beneficial ownership when someone becomes an insider. The filing lists him as a director and shows no reportable stock transactions or derivative positions at this time.
TOP SHIPS INC. director and President & CEO Evangelos Pistiolis filed an initial ownership report showing his equity interests. He reports direct ownership of 440,711 common shares.
He also reports indirect interests in 2,930,718 common shares held through Family Trading Inc./3 Sororibus Trust, 100,000 Series D Preferred Shares via the Lax Trust, and 14,000 Series G Preferred Shares via Central Mare Inc. Mr. Pistiolis disclaims beneficial ownership of these indirect holdings except to the extent of his pecuniary interest.
TOP Ships Inc. insiders and related entities filed Amendment No. 40 to update their Schedule 13D after a change in ownership percentages. The filing reports that Family Trading Inc. and 3 Sororibus Trust each beneficially own 2,930,718 common shares, or about 53.97% of TOP Ships’ outstanding common stock as of March 31, 2026. CEO Evangelos J. Pistiolis separately beneficially owns 440,711 common shares, or about 8.12%, on the same share count of 5,430,519 shares outstanding.
The amendment explains that their beneficial ownership percentages decreased because TOP Ships issued 804,322 new common shares between February 24 and March 12, 2026 under an at-the-market program. It also describes two voting-only preferred share classes: 100,000 Series D preferred shares issued in 2017, each carrying the voting power of 1,000 common shares and no economic rights, and 14,000 Series G preferred shares issued on March 31, 2026 to an affiliate of Mr. Pistiolis’ family, also with 1,000 common-share votes per preferred share, subject to a 19.99% aggregate voting power cap and an issuer conversion right into common shares.
TOP Ships Inc. files its Form 20-F annual report describing a small, highly focused tanker owner with significant risk exposures. As of December 31, 2025, it had 4,626,197 common shares and 100,000 Series D preferred shares outstanding, each preferred share carrying 1,000 votes.
The company operates one MR product tanker, one Suezmax, two VLCCs and one 47-meter megayacht, and has nine 47,499 dwt MR product/chemical tankers on order at Chinese yards under sale-and-leaseback structures. Four charterers provided 94.6% of 2025 revenue, creating notable customer concentration.
The filing highlights cyclic and volatile tanker markets, heavy geopolitical uncertainty (including wars in Ukraine and the Middle East, sanctions and new U.S.–China port fees), and tightening climate rules such as IMO greenhouse gas targets and EU ETS/FuelEU, all of which could raise costs and affect demand. It also discloses $218.5 million of debt as of December 31, 2025 and restrictive covenants, plus highly concentrated voting control: family-related trusts and entities may be deemed to hold about 98% of total voting power.