TOPS

TOP Ships Announces Sale of a Newbuilding MR Tanker for about $6.5 million

TOP Ships monetizes SPV stake in related-party deal valued at $6.5 million

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;link type=&quot;text/css&quot; rel=&quot;stylesheet&quot; href=&quot;https://www.globenewswire.com/styles/gnw_nitf.css&quot;&gt;&lt;/li...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>TOP Ships will sell 100% of the Marshall Islands SPV connected to a 47,499 dwt carrier contract for about $6.5 million, with closing targeted by September 30, 2026. The sale, approved by an independent committee and supported by a fairness opinion, reduces near-term capex risk and boosts liquidity, though it trims potential upside from the 2029-built vessel.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>TOP Ships to sell SPV tied to 47,499 dwt carrier.</li><li>Sale price is about $6.5 million; closing by Sept 30, 2026.</li><li>SPV holds a shipbuilding contract for a 47,499 dwt carrier.</li><li>Delivery scheduled for Q2 2029.</li><li>Independent committee approved the sale; fairness opinion obtained.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>TOP Ships Inc. (TOPS)</strong>: Subject of the sale; liquidity and capex exposure implications.</li><li><strong>Rubico Inc. (RUBICO)</strong>: Related-party buyer; governance and price-relevance considerations.</li><li><strong>Guangzhou Shipyard International Co., Ltd. (GSI)</strong>: Contract counterparty; sale reduces TOPS&#039; build exposure.</li><li><strong>China Shipbuilding Trading Co., Ltd. (CSTC)</strong>: Contract counterparty; impact limited post-close.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>This is a corporate development/M&amp;A-style asset sale. It signals balance-sheet optimization through a related-party disposition and potential liquidity improvement in a capital-intensive shipping environment.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Sale improves TOPS liquidity and reduces near-term capex commitments.</li><li>Related-party nature may draw investor governance scrutiny.</li><li>Delivery of the 2029 vessel remains a future cash/revenue consideration.</li><li>Closing by Sept 30, 2026 creates a near-term liquidity window.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>SPV sale represents 100% of shares of the Marshall Islands company.</li><li>Aggregate selling price is approximately $6.5 million.</li><li>Closing target is by September 30, 2026.</li><li>SPV is party to a shipbuilding contract for a 47,499 dwt carrier.</li><li>Carrier delivery is scheduled for second quarter 2029.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Near-term bullish on liquidity; modest upside possible within 3-6 months due to reduced capex exposure.</p>
  </section>
</section>


<article>
  <section>
    <h2>TOP Ships Announces Sale of SPV Associated with Newbuild Tanker</h2>
    <p>ATHENS, Greece, July 28, 2026 — TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE: <strong>TOPS</strong>), an international owner and operator of modern, fuel-efficient <em>ECO</em> tanker vessels, announced today that it has entered into an agreement with Rubico Inc., a related party, to sell 100% of the issued and outstanding shares of a Marshall Islands company (the "SPV") that is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of a <strong>47,499 dwt chemical/product oil carrier</strong> scheduled for delivery in the <strong>second quarter of 2029</strong>.</p>
    <p>The aggregate selling price for 100% of the shares of the SPV is approximately <strong>$6.5 million</strong>, payable in full at closing. The transaction is expected to close by <strong>September 30, 2026</strong>, subject to customary closing conditions.</p>
  </section>

  <section>
    <h2>Transaction Details and Governance</h2>
    <p>The sale was approved by a special committee composed of independent and disinterested members of the Company’s board of directors, which obtained a fairness opinion with respect to the consideration to be received to sell the SPV from an independent financial advisor.</p>
    <ul>
      <li><strong>Parties involved:</strong> TOP Ships Inc. and Rubico Inc., a related party</li>
      <li><strong>Asset under sale:</strong> 100% of the issued and outstanding shares of the SPV</li>
      <li><strong>Contract background:</strong> SPV is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of the 47,499 dwt chemical/product oil carrier</li>
      <li><strong>Delivery timetable:</strong> expected delivery in the <strong>second quarter of 2029</strong></li>
      <li><strong>Sale price:</strong> approximately <strong>$6.5 million</strong>, payable in full at closing</li>
      <li><strong>Closing window:</strong> expected by <strong>September 30, 2026</strong>, subject to customary closing conditions</li>
    </ul>
  </section>

  <section>
    <h2>Implications for TOP Ships and Its Portfolio</h2>
    <p>TOP Ships remains focused on operating modern, fuel-efficient ocean-going vessels that transport crude oil, petroleum products (clean and dirty), and bulk liquid chemicals. The company’s action to divest the SPV tied to a newbuilding contract may affect its exposure to that specific project while continuing to advance its general strategic objectives in the eco-tanker segment.</p>
    <p>For more information about TOP Ships Inc., visit its website: <a href="https://www.topships.org" target="_blank" rel="nofollow">www.topships.org</a>.</p>
  </section>

  <section>
    <h2>About TOP Ships</h2>
    <p><strong>About the Company</strong></p>
    <p>TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: <a href="https://www.topships.org" target="_blank" rel="nofollow">www.topships.org</a>.</p>
  </section>

  <section>
    <h2>Contact Information</h2>
    <p><strong>For further information please contact:</strong></p>
    <p>Alexandros Tsirikos</p>
    <p>Chief Financial Officer</p>
    <p>TOP Ships Inc.</p>
    <p>Tel: <strong>+30 210 812 8107</strong></p>
    <p>Email: <a href="mailto:atsirikos@topships.org">atsirikos@topships.org</a></p>
  </section>

  <section>
    <h2>Forward-Looking Statements</h2>
    <p>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, including statements regarding the sale of newbuilding tankers.</p>
    <p>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. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.</p>
  </section>

</article>

TOP Ships will sell 100% of the Marshall Islands SPV connected to a 47,499 dwt carrier contract for about $6.5 million, with closing targeted by September 30, 2026. The sale, approved by an independent committee and supported by a fairness opinion, reduces near-term capex risk and boosts liquidity, though it trims potential upside from the 2029-built vessel.

News insight

TOP Ships Announces Sale of a Newbuilding MR Tanker for about $6.5 million

AI summary

Sentiment rationale

Key facts

M&A