Top Ships Inc (TOPS)

[surfer44]

TOPS history is encouraging...

HISTORY
1999
Enter the tanker market.

2004
Lead the way in new wave of shipping IPOs. Fastest ever shipping IPO and follow on offering; total proceeds in excess of $260m.

2004 - 06
Fleet grew from 7 to 33 vessels becoming one of the largest double hull Suezmax and Handymax tanker operators in the world. Market cap grew from $135m to $672m in less than a year.

2005
Went on the road with a committed fleet of 15 dry bulk vessels from AM Nomikos. Marketing of the deal was successful but didn't price due to unfavorable stock market conditions. Vessel values were up to 3 times higher just 1,5 years later.

2005
Entered the Offshore market by acquiring 3 secondhand AHTS that were in operation up to 2013.

2005 - 06
Successfully disposed of 18 tankers at near peak levels through SLB transactions worth approximately $676m. Tanker charter rates and values subsequently receded to lower levels.

2007
Tanker charter rates and values subsequently receded to lower levels.

2008
Sold 7 owned suezmax tankers and arranged the sale of 6 chartered in tankers and terminated respective leases. Last vessels delivered few weeks before Lehman Brothers collapse.

-
Fixed all dry bulk vessels on medium to long term charters at high charter rates.

-
Fixed all 6 newbuilding tankers scheduled to be delivered the following year, on long term charters at record high charter rates.

2009 - 11
Took delivery of 6 newbuilding product tankers without diluting shareholders and entered into long term charters at rates that were more than three times the average spot rates.

2013
Sold entire fleet consisting of 5 MR Tankers and 1 Supramax dry bulk vessel for $173 million.

-
Realized a significant part of the remaining value of the MR tanker charters achieving up to 40% premium on charter free valuations.

2014-16
Re- Entered the Tanker market by acquiring six (6) MR Product Tankers.