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ABOUT US

We are an international owner of modern, fuel efficient “ECO” tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. Please see our “Fleet”.

We are incorporated in the Republic of The Marshall Islands and have been trading on NASDAQ since July 2004 under the ticker “TOPS”.
 

WHAT WE DO

We have established a reputation in the international ocean transport industry for operating and maintaining vessels with high standards of performance, reliability and safety.  

Our management team comprises of executives with extensive experience in managing and operating large and diversified fleets of vessels, and with strong ties to a number of national, regional and international oil companies, charterers and traders.

Our strategy is to grow the company’s fleet via acquisitions of newbuilding, resale or secondhand vessels of superior ECO design.
 

We own and operate Hyundai-built Tankers of the latest design and of top specification. Our 12 vessel fleet average age is 1,9 years old.
As of April 1, 2021, the expected revenue backlog of our fleet for the fixed period of our time charters, stands at about $255 million, including partially owned vessels at their respective percentages.


FLEET LIST:

PRODUCT / CHEMICAL TANKER FLEET

MR2: TOTAL NUMBER OF VESSELS - 5

ECO MARINA DEL REY
ECO LOS ANGELES
ECO CITY OF ANGELS
ECO YOSEMITE PARK
ECO JOSHUA PARK
 
CRUDE OIL TANKER FLEET

SUEZMAX: TOTAL NUMBER OF VESSELS 5

ECO BEL AIR
ECO BEVERLY HILLS
ECO WEST COAST
ECO MALIBU
ECO OCEANO CA

VLCC: TOTAL NUMBER OF VESSELS 2

LEGIO X EQUESTRIS
JULIUS CAESAR
...............................................................................................................................................................................................................................................................................................................................................................................................................................

NEWS: 9/1/2021

Top Ships Inc. Announces Sale of Its Last Non-Scubber Fitted Tanker

 

 

ATHENS, Greece, Sept. 01, 2021 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has sold to unaffiliated third parties its last non-scrubber fitted vessel, the MR product tanker Nord Valiant. The related financing has been prepaid in full and the net cash proceeds of the sale amount to about $6.9 million, before fees and expenses relating to the sale.

About TOP Ships Inc.



NEWS: 8/13/2021
 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced on August 13th, 2021 that it agreed to purchase, subject to final documentation, from a company affiliated with the Company’s Chief Executive Officer (the “Seller”) for a consideration of $29.8 million an additional 65% ownership interest in two Marshall Islands companies (the “VLCC Companies”) that each is a party to a shipbuilding contract for a high specification scrubber fitted VLCC tanker currently under construction at Hyundai Heavy Industries with expected delivery in January and February 2022 respectively. As previously disclosed, the VLCC Companies are party to 3+1+1 year time charters, starting from each vessel’s delivery, with a major oil trader.

 

On January 6, 2021, the Company had acquired 35% of the VLCC Companies and upon consummation of this transaction, will become 100% owner of the VLCC Companies.

 

The Seller will remain the guarantor on the shipbuilding contracts towards the shipyard and in addition the Seller shall provide a financing option to the Company by remaining responsible to the shipyard for up to 20% of the shipbuilding cost per vessel (increased from 10%, as previously agreed on January 6, 2021), at the option of the Company, to be exercised until each vessel’s delivery date. The amount of finance will need to be repaid to the Seller within 36 months from delivery. The cost of finance shall be agreed between the parties at the time of exercise and will take into account market terms for similar duration unsecured financings. Any agreement by the Company to exercise its option to obtain financing from the Seller will be approved by a special committee of the independent members of the Company’s board.

 

The transaction was approved by a special committee composed of independent members of the Company's board of directors (the “Transaction Committee”). The Transaction Committee obtained a fairness opinion relating to this transaction from an independent financial advisor.




NEWS: 8/13/21:

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced on August 13th, 2021 that it agreed to purchase, subject to final documentation, from a company affiliated with the Company’s Chief Executive Officer (the “Seller”) for a consideration of $29.8 million an additional 65% ownership interest in two Marshall Islands companies (the “VLCC Companies”) that each is a party to a shipbuilding contract for a high specification scrubber fitted VLCC tanker currently under construction at Hyundai Heavy Industries with expected delivery in January and February 2022 respectively. As previously disclosed, the VLCC Companies are party to 3+1+1 year time charters, starting from each vessel’s delivery, with a major oil trader.

 

On January 6, 2021, the Company had acquired 35% of the VLCC Companies and upon consummation of this transaction, will become 100% owner of the VLCC Companies.

 

The Seller will remain the guarantor on the shipbuilding contracts towards the shipyard and in addition the Seller shall provide a financing option to the Company by remaining responsible to the shipyard for up to 20% of the shipbuilding cost per vessel (increased from 10%, as previously agreed on January 6, 2021), at the option of the Company, to be exercised until each vessel’s delivery date. The amount of finance will need to be repaid to the Seller within 36 months from delivery. The cost of finance shall be agreed between the parties at the time of exercise and will take into account market terms for similar duration unsecured financings. Any agreement by the Company to exercise its option to obtain financing from the Seller will be approved by a special committee of the independent members of the Company’s board.

 

The transaction was approved by a special committee composed of independent members of the Company's board of directors (the “Transaction Committee”). The Transaction Committee obtained a fairness opinion relating to this transaction from an independent financial advisor.

 

The information contained in this report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-234281) that was filed with the SEC and became effective on November 4, 2019.

....................................................................................................................................................................................................................................................................................................................................................................................................

4/23/2021: TOP Ships Inc. Announces Filing of 2020 Annual Report on Form 20-F

Inline XBRL Viewer (sec.gov)
39,831,972 shares were issued and outstanding as of the date of this annual report. 

....................................................................................................................................................................................................................................................................................................................................................................................................................


TOP Ships Inc. Announces Delivery of Suezmax M/T Eco West Coast
April 06 2021 - 08:00AM
GlobeNewswire Inc.
 

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it took delivery of the very high specification, scrubber fitted, 157,000 dwt newbuilding Suezmax vessel M/T Eco West Coast constructed at the Hyundai Heavy Industries shipyard in South Korea. The vessel commenced its previously announced time charter employment with a major oil trader for three years with two yearly extensions at the charterer’s option. The revenue backlog expected to be generated by this fixture, assuming all options are exercised, is about $63.3 million. For 2021 alone, this charter is expected to contribute $9.3 million in revenue.

Evangelos Pistiolis, the President and Chief Executive Officer of the Company, said:

"The M/T Eco West Coast, is the first of 5 crude oil vessel carriers of our newbuilding program. One more Suezmax is expected to be delivered during May 2021 and 2 VLCCs and 1 Suezmax are expected to be delivered during the first quarter of 2022. In line with our strategy, all vessels are of very high specification, fitted with scrubbers, constructed at Hyundai Shipyards in South Korea and are contracted to commence profitable time charter employment contracts, mainly to major oil traders, upon their delivery from the shipyard.

The two suezmax vessels delivered in 2021 alone have an expected revenue backlog, assuming all options are exercised, of about $126.6 million and are expected to contribute $17.1 million in 2021 revenue.

As of April 1, 2021, the expected revenue backlog of our fleet for the fixed period of our time charters, stands at about $255 million, including partially owned vessels at their respective percentages. As of the same date, the Company’s projected charter coverage is as follows:

Year    
2021 96%  
2022 80%  
2023 64%  
2024 44%  
2025 12%  
2026 8%  
2027 1% "

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.

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.

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.

Contacts:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org



ATHENS, Greece, Aug. 20, 2020 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS) (the “Company” or “TOPS”) announced today that the Company has been advised that a company affiliated with its Chief Executive Officer, Evangelos Pistiolis, has today purchased an aggregate of 100,000 common shares of the Company in the open market.

In addition, the Company announced that for a period of 12 months following the date of this release:

(i) it will not conduct any equity offerings, public or private;

(ii) it will not conduct any reverse stock splits;

(iii) it will not pay any bonuses to its executive management; and

(iv) it will enter into a standstill agreement with Family Trading Inc., the holder of all of the Company’s outstanding Series E Preferred Shares and a company affiliated with its CEO, pursuant to which Family Trading will agree not to convert any of its Series E Preferred Shares into common shares, other than in connection with a change of control of the Company.

(v) CEO and his affiliates will not sell any shares.

The Company believes that the above actions will significantly enhance the trading stability of its common shares during the next 12 months.

Finally, the Company announced that it is proceeding with implementing its previously announced stock repurchase plan.

Mr. Pistiolis commented, “I believe that the current trading price of our common shares does not reflect the intrinsic value of the Company, as evidenced by my purchase today of 100,000 common shares in the
.........................................................................................................................................................................................................................................................................................................................................................................................................................

ATHENS, Greece, Aug. 17, 2020 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”) today announced a share repurchase program and fleet update.

Share Repurchase Program

The Company’s Board of Directors (the “Board”) today authorized a share repurchase program under which the Company may repurchase up to $5.1m of its outstanding common shares, representing approximately 10% of the Company’s market capitalization as of August 14, 2020, for a period of three months (the “Repurchase Program”). The Board will periodically review the Company’s Repurchase Program, and may decide to extend its term or increase the authorized amount, by another 10% to 15%, that may be repurchased thereunder.

Under the Repurchase Program, the Company may repurchase common shares in privately negotiated or open-market transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The specific timing and amount of repurchases, if any, will be at the discretion of the Company’s management team, and will depend upon a variety of factors, including market conditions, regulatory requirements, capital allocation alternatives, and other corporate considerations. The Company is not obligated under the program to purchase any common shares. The repurchase program may be suspended or discontinued at any time.

Fleet Update

Fleet Profile As of August 17, 2020, our fleet consisted of ten 50,000 dwt product/chemical tankers, out of which 2 are owned 50%, and two 159,000 dwt suezmax tankers. We also have newbuilding contracts for the construction of three scrubber-fitted 50,000 dwt product/chemical tankers and, and two scrubber-fitted suezmax tankers. Our newbuilding vessels are expected to be delivered to us during the first half of 2021. Following the delivery of our last newbuilding, our fleet will consist of 15 vessels with an average age of 2.3 years (with 2 vessels 50% owned).

All of our vessels are of eco design and are built in shipyards of the Hyundai group, currently the largest shipbuilder in the world. In addition, all of the vessels in our fleet, including our newbuildings, are of very high specification and include enhancements in the hull, propellers and other parts of the vessel to decrease fuel consumption and reduce emissions. Furthermore, all of our vessels are fitted with ballast water treatment equipment and seven of our operating vessels have scrubbers installed and all of our newbuildings will be fitted with scrubbers.

Charter Coverage As of June 30, 2020, all of the vessels in our fleet (including newbuilding vessels but excluding joint venture vessels) are employed on time charters with fixed terms, representing contracted future revenue of $273m excluding options to extend. Our customers include national, regional and international companies.

Net Asset Value Management estimates the company’s NAV to be $180 million. This translates into an NAV of $4.52 per share (based on number of common shares currently outstanding) and $3.55 per share (on a fully diluted basis - assuming exercise of Series B warrants and conversion of convertible loan).

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#12304
There has to be some limit on this?? Roadtojourney 09/23/2022 09:31:39 AM
#12303
LOL Already down 50% from PM highs Awl416 09/23/2022 08:50:39 AM
#12302
Went down to 8 cents last time would zeusgodmd 09/22/2022 10:08:21 PM
#12301
This will be the 9th in 6 years That Awl416 09/22/2022 06:38:20 PM
#12300
I've witnessed this with this company 3 times gattes12 09/22/2022 01:26:24 PM
#12299
$TOPS yup another 1:20 reverse split for this SCAM. wickerman 09/22/2022 11:13:41 AM
#12298
As predicted. Moving down into the teens. gladeshawk 09/22/2022 07:39:44 AM
#12297
Looks like new 52 week lows coming AND gladeshawk 08/23/2022 10:13:21 AM
#12296
PPS could be heading into the teens. gladeshawk 06/30/2022 04:54:08 PM
#12295
TOPS>>> Looks like the R/S rumor could be gladeshawk 06/16/2022 11:11:33 AM
#12294
Be very careful here. Just look at GolfFishSurf 06/15/2022 11:05:47 AM
#12293
That's the rumor. So I am in gladeshawk 06/15/2022 07:53:17 AM
#12292
When is the reverse split? RedHerring 06/14/2022 05:21:40 PM
#12291
Looking to re-enter. Price dropped as suggested. gladeshawk 06/13/2022 11:23:26 AM
#12290
I am out for now. I expect gladeshawk 05/27/2022 09:13:31 AM
#12289
not a bad idea... i wouldnt put a Engelhard 05/22/2022 11:18:26 AM
#12288
I'm green today. TOPS looks to have gladeshawk 05/16/2022 02:16:30 PM
#12287
Still holding. Hopefully .60 is support and gladeshawk 05/12/2022 10:35:07 AM
#12286
Back in at .64. Seeing some action. gladeshawk 05/10/2022 10:02:01 AM
#12285
Time to start buying? gladeshawk 05/07/2022 05:00:44 PM
#12284
Hold tight in this sector of oil tankers Engelhard 04/28/2022 08:25:48 PM
#12283
Stops work. Out. Small loss. gladeshawk 04/21/2022 03:24:52 PM
#12282
Bought back in. .86s. Just a gladeshawk 04/21/2022 11:31:12 AM
#12281
Looking for a drop into the .80s. gladeshawk 02/15/2022 10:08:47 AM
#12280
Looks like it is close to bottoming. gladeshawk 02/04/2022 09:16:47 AM
#12279
Change the ticker symbol to “BOTTOMS” Nivea67515 01/12/2022 02:48:36 PM
#12278
How many days until this becomes Nasdaq deficient GolfFishSurf 01/05/2022 01:49:45 PM
#12277
Lets go $TOPS!!! Filterthenoise 01/03/2022 08:21:15 PM
#12276
TOPS/GLBS for the win. 2022. Happy New Year! surfer44 12/31/2021 03:44:44 PM
#12275
GRATEFUL FOR EVERYTHING AND ALL THINGS. HAPPY NEW TIMGZ 12/31/2021 03:13:23 PM
#12274
Does this close/stay above $0.80 by 12/31/2021? GolfFishSurf 12/20/2021 12:08:44 PM
#12273
There it is, still a turd pay streak 12/03/2021 02:01:09 PM
#12272
How long until this is back under $1 GolfFishSurf 11/18/2021 12:10:32 PM
#12271
If they had not raised money, the company oil export 11/15/2021 02:06:38 PM
#12270
Yes they have a known history, gotta pay streak 10/15/2021 09:03:02 AM
#12269
Check the dilution and R/S history with this one...... GolfFishSurf 10/14/2021 05:18:34 PM
#12268
Chart looks very bullish, fingers crossed for no dilution pay streak 10/14/2021 04:53:38 PM
#12267
1.69 next pay streak 10/03/2021 12:58:49 AM
#12266 There are actually people that are long on phase_ten 09/19/2021 02:52:43 AM
#12265 Get your money and run! This company will Deportes 09/18/2021 01:15:36 AM
#12264 1.60 up this week pay streak 09/13/2021 01:24:18 PM
#12263 Never seen so much manipulation, but maybe pay streak 09/13/2021 12:12:34 PM
#12262 1.49 test today? pay streak 09/13/2021 12:10:40 PM
#12261 This might reach $1.50, but this won't touch GolfFishSurf 09/09/2021 03:03:19 PM
#12260 Big bids showing up! PStockPickz 09/09/2021 01:09:26 PM
#12259 Loading a few PStockPickz 09/09/2021 11:55:42 AM
#12258 TOPS posts a profit for the first half GolfFishSurf 09/09/2021 10:04:35 AM
#12256 Something big is coming? Suds Mackenzie 09/01/2021 01:30:10 PM
#12255 Any day now...KABOOM! Suds Mackenzie 08/16/2021 01:21:19 PM
#12254 BOOM..... the sound of the ship running aground GolfFishSurf 07/23/2021 03:48:52 PM
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