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Top Ships Inc. (TOPS)

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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.

FLEET LIST:

PRODUCT / CHEMICAL TANKER FLEET

MR2: TOTAL NUMBER OF VESSELS - 6

ECOSHIP (NORD VALIANT)
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
...............................................................................................................................................................................................................................................................................................................................................................................................................................


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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TOPS News: Amended Statement of Ownership (sc 13g/a) 02/11/2021 06:03:45 AM
TOPS News: Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) 01/08/2021 04:12:22 PM
TOPS News: Amended Statement of Ownership (sc 13g/a) 01/08/2021 10:50:39 AM
TOPS News: Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) 12/04/2020 04:07:44 PM
TOPS News: Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) 10/30/2020 04:11:07 PM
PostSubject
#12223   Yeah going to stay alert on this one, pay streak 03/04/21 02:56:01 PM
#12222   This will trickle back down under $1, and GolfFishSurf 03/04/21 02:25:17 PM
#12221   Needs to hold around 2 bucks or else pay streak 03/04/21 02:18:10 PM
#12220   Needs to break out of these 2.50s and pay streak 03/03/21 08:40:24 AM
#12219   Has Tops hit bottom yet? Suds Mackenzie 02/28/21 03:57:20 PM
#12218   RSI reset, time to move higher pay streak 02/26/21 10:48:15 AM
#12217   Yaa this should have a tag of buyers Roadtojourney 02/18/21 04:04:10 PM
#12216   Yeah, been here over 4 years. Seen this GolfFishSurf 02/18/21 12:52:01 PM
#12215   Needs to cool off man...been moving up all pay streak 02/18/21 12:18:15 PM
#12214   And here comes the slow slide back down GolfFishSurf 02/18/21 10:14:05 AM
#12213   You did call it.... well done. I GolfFishSurf 02/16/21 06:41:00 PM
#12212   Congrats dudes! The chart it worked. jpowellvlc 02/16/21 02:09:18 PM
#12211   looool chooochooo LETS GOOO Broke as hell 02/16/21 12:49:09 PM
#12210   Strap in, this roller-coaster is out of control. Suds Mackenzie 02/13/21 01:04:57 PM
#12209   * * $TOPS Video Chart 02-12-2021 * * ClayTrader 02/12/21 05:30:53 PM
#12208   The turd of all shippers is alive and Filterthenoise 02/12/21 04:27:33 PM
#12207   This Pig, could fly $ 20 next week, Mistererovi 02/12/21 02:58:10 PM
#12206   Squeeze into the closing bell pay streak 02/12/21 02:38:24 PM
#12205   Woohooooooo TOPS$ SHIP$ weedtrader420 02/12/21 10:46:51 AM
#12204   Huge gap there to fill? pay streak 02/12/21 10:39:03 AM
#12203   Boom! TaxiCaT 02/12/21 10:12:32 AM
#12202   Big day. $3+ tomorrow? Suds Mackenzie 02/09/21 04:20:42 PM
#12201   And now it's blowing :-) TaxiCaT 02/09/21 03:22:24 PM
#12200   2.62 breakthrough by eod pay streak 02/09/21 01:43:45 PM
#12199   6 month and full year financials by end Suds Mackenzie 02/09/21 01:36:02 PM
#12198   Been moving steadily up without any news pay streak 02/09/21 10:13:47 AM
#12197   Net Asset Value Management estimates the company’s NAV Suds Mackenzie 02/08/21 08:26:23 PM
#12196   https://www.sec.gov/Archives/edgar/data/1296484/000121390021005161/ea134095-13ga Suds Mackenzie 02/08/21 08:23:30 PM
#12195   https://www.sec.gov/Archives/edgar/data/1296484/000153561021000072/tops0121.txt Suds Mackenzie 02/08/21 08:22:59 PM
#12194   ATHENS, Greece, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Suds Mackenzie 02/08/21 08:21:03 PM
#12193   It will be interesting to know if the Suds Mackenzie 02/08/21 08:19:05 PM
#12192   TOPS about to blow :-)!!!! TaxiCaT 02/08/21 02:41:16 PM
#12191   Hope that 2.10 wall get plowed through today pay streak 02/04/21 07:08:33 AM
#12190   Gracias compa! It could run up there GolfFishSurf 02/03/21 09:19:35 AM
#12189   Squeeze Today? TaxiCaT 02/03/21 09:13:51 AM
#12188   If GME can go up 2000% this should maestro_of_Ihub 02/03/21 09:12:02 AM
#12187   Some pre mkt loading going on this morn pay streak 02/03/21 08:51:33 AM
#12186   there is a gap on the 3.30 . jpowellvlc 02/02/21 03:00:54 PM
#12185   Glad to hear you are well. Yeah, TOPS GolfFishSurf 02/02/21 02:45:39 PM
#12184   Hello friend! How are you? No. I Am jpowellvlc 02/02/21 01:36:28 PM
#12183   Green close? Squeeze tomorrow? TaxiCaT 02/01/21 03:02:26 PM
#12182   Hello 'ol friend. How goes it? Have GolfFishSurf 02/01/21 10:57:19 AM
#12181   It has ran fast in the past maybe zeusgodmd 02/01/21 08:26:13 AM
#12180   TOPS$ could be a $50 stock easy weedtrader420 02/01/21 04:36:39 AM
#12179   i was in that drys run,and also when kingsransome 01/29/21 12:43:07 PM
#12178   I think tops had a better run to zeusgodmd 01/29/21 12:04:45 PM
#12177   I don't thin we will see a "DRYS GolfFishSurf 01/29/21 11:44:43 AM
#12176   $8+++ $$$$$ MHOP kingsransome 01/29/21 11:18:32 AM
#12175   Trying to keep ahead of the computers can zeusgodmd 01/29/21 11:12:34 AM
#12174   All it takes is 5 minutes zeusgodmd 01/29/21 11:09:25 AM
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