Top Ships Inc (TOPS)

[surfer44]

History of TOPS. These guys have experience.

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.

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

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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.

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

2014
Purchased the company's first ECO MR Product Tanker.

2015
Took delivery of two ECO MR Product Tankers.

2016
Took delivery of three ECO MR Product Tankers.

2017
Took delivery of one ECO MR Product Tanker. Entered into a 50%-50% joint venture agreement with Gunvor S.A. a leading oil trader.

2018
Took delivery of three ECO MR Product Tanker (two of which in the 50%-50% joint venture with Gunvor S.A.).

2019
Took delivery of two ECO MR Product Tankers and two ECO Suezmax Tankers. All vessels are scrubber fitted except for one MR Product Tanker that is Scrubber ready.