Athens, Greece, October 7, 2026 ( GLOBE NEWSWIRE ) – TOP Ships Inc . (hereinafter referred to as "the Company" or " TOP Ships ") ( NYSE American : TOPS ) is an international modern and efficient energy-saving " ECO " tanker owner and operator. The Company announced today that it has signed a share purchase agreement with a related party ("Seller") to acquire shares in four companies ( " SPVs "). These four companies have signed shipbuilding contracts with Guangzhou Shipbuilding International Co., Ltd. to build four high-specification, ECO, ice-class 1A MR tankers, with expected delivery dates ranging from June 2029 to March 2030.
These SPVs are in the process of finalizing a financing agreement ("financing") with a large Chinese leasing company. The financing is arranged by the seller and covers approximately 85% of the shipbuilding installment payments.
SPVs has secured charter employment arrangements with a major oil conglomerate for these vessels. The leases commence upon the delivery of each ship and have a fixed term of 7 years, with the lessee having the option to extend them for an additional maximum of 3 years. If all available renewal options are exercised, the total potential gross revenue generated by these contracts amounts to approximately 316.9 million US dollars.
The total purchase price for 100% of the issued SPVs shares, which is approximately $34.95 million ("consideration"), is to be paid by December 31, 2026. The completion of this transaction is subject to customary delivery conditions and the seller's successful financing.
The acquisition has been approved by a special committee composed of independent and disinterested members of the company's board of directors, which obtained an opinion on the fairness of the consideration from an independent financial advisor.
The company's CEO stated:
Today's transaction is in line with our recent announcement to reallocate capital to our core oil tanker business. It also further expands our ice-class fleet to seven vessels and diversifies our tenant base by adding another major oil company as a client. These four high-specification ice-class ships enhance the flexibility of our fleet's routes, and their seven-year fixed leases provide us with long-term contractual employment extending into the next decade, with top-tier clients as our partners. The total potential gross revenue backlog from these four newly built MR tankers, if all available renewal options are exercised, is approximately $317 million. If this transaction is completed, the total potential gross revenue backlog from our 14 newly built MR tankers, if all available renewal options are exercised, will be around $997 million. Adding the contracted leases for our operating fleet and the backlog corresponding to our 50% stake in the joint venture ships, including optional periods, the total potential gross revenue backlog will increase to about $1.24 billion, demonstrating the strength and visibility of the company's future potential cash flows. We continue to focus on building a modern, high-specification fleet. Approximately 85% of the construction financing for these ships has been secured, and all vessels have signed long-term leases with leading energy companies and traders. We believe this will enhance the stability of future revenue streams and prepare the company for new stages of development.
About the Company
TOP Ships Inc is an international owner and operator of maritime vessels, focusing on modern, energy-efficient environmental-friendly tankers that transport crude oil, petroleum products (both clean and dirty oil), as well as bulk liquid chemicals. The company's tanker fleet has a total carrying capacity of 857,000 deadweight tons, including one 50,000 deadweight-ton refined oil/chemicals tanker, one 157,000 deadweight-ton Suez-class tanker, two 300,000 deadweight-ton ultra-large tankers (VLCC), and through a joint venture, the company holds a 50% stake in two additional 50,000 deadweight-ton refined oil tankers each. The company has signed contracts for the construction of 10 new 50,000 deadweight-ton MR tankers, with expected delivery times ranging from the second quarter of 2028 to the fourth quarter of 2029. In addition, the company has entered into share purchase agreements to acquire four ship ownership companies, which have signed contracts for the construction of four high-specification 50,000 deadweight-ton MR tankers, with expected delivery times from the second quarter of 2029 to the first quarter of 2030; the completion of these acquisitions depends on customary delivery conditions and the sellers' successful financing. The company also owns a super yacht named M/ Y Para Bellvm and has announced its intention to sell it. The company is registered under the laws of the Republic of Marshall Islands, with its executive office located in Athens, Greece. Its common shares are listed on NYSE American, with the stock code " TOPS ". For more information, please visit the company's website: www.topships.org.
Contact Information
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Telephone: +30 210 812 8107
Email: atsirikos @ topships.org
Forward-looking Statements
The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protection for forward-looking statements in order to encourage companies to provide forward-looking information regarding their business. Forward-looking statements include statements regarding plans, objectives, purposes, strategies, future events or performance, and their underlying assumptions, as well as other statements other than statements of historical facts, including statements regarding future revenues and cash flows, potential backlog of gross revenues, capital reallocation, the acquisition of SPVs and its estimated completion time, the expected delivery times of related new ship constructions, the commencement and optional periods of related time leases, the availability of financing for these new ship constructions, the proposed sale of M/ Y Para Bellvm, as well as statements regarding the company's future fleet, business strategy, and prospects.
The company intends to utilize the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and therefore has included this cautionary statement in this announcement. Terms such as "believes," "expects," "intends," "estimates," "predicts," "plans," "potential," "possible," "should," "anticipates," "subject to," and similar expressions refer to forward-looking statements. The forward-looking statements in this press release are based on various assumptions, many of which are in turn based on further assumptions, including but not limited to management's assessment of historical operating trends, data recorded in the records, and other data from third parties. Although the company believes that these assumptions were reasonable at the time they were made, given that these assumptions are inherently subject to significant uncertainties and contingent factors, and are difficult or impossible to predict and beyond the company's control, the company cannot guarantee that these expectations, beliefs, or predictions will be realized or fulfilled. For a more complete discussion of these and other risks and uncertainties, please refer to the documents submitted by the company to the U.S. Securities and Exchange Commission. The information contained in this press release is as of the date of issuance, and the company does not undertake any intention or obligation to update any forward-looking statements due to developments that occur after the release of this communication.
