Mergers & Acquisitions ·
Top Ships Inc. entered into agreements on July 28-29, 2026, to acquire three MR chemical/product oil tankers and sell…
TOPSTop Ships Inc.
Top Ships Inc. entered into agreements on July 28-29, 2026, to acquire three MR chemical/product oil tankers and sell one related vessel. The acquisition involves purchasing SPVs holding shipbuilding contracts with HD Hyundai-Vietnam for vessels delivering in July, September, and October 2029. The purchase price is approximately $4.7 million, net of a $23.5 million refund from a cancelled Dubai real estate deal and existing installments. These tankers have secured five-year time charters with an oil major, generating about $140.6 million in potential gross revenue backlog. Concurrently, Top Ships sold the Roman Shark V SPV to Rubico Inc. for approximately $6.5 million. The sale includes a leaseback financing arrangement of 85% of pre-delivery installments ($38.4 million) at Term SOFR plus 1.80%, with quarterly payments of $0.5 million over ten years. Top Ships operates in the maritime shipping industry, specifically owning and operating tanker vessels for crude oil, petroleum products, and chemicals.