Recent Updates — TOPS
The board of directors has approved a one-for-ten reverse stock split of TOP Ships Inc.'s common shares, with an effective date of November 6, 2026. Fractional shares will be cancelled and paid out in cash based on the closing price on November 5, 2026. The company operates as an international owner and operator of modern, fuel-efficient eco tanker vessels.
Top Ships Inc. amended a related-party transaction with Rubico Inc., extending the payment deadline for the outstanding $3.7 million balance owed from Roman Shark V's acquisition by one month to October 31, 2026. The original $6.5 million purchase price had seen $2.8 million settled in cash, leaving the remainder due on September 30, 2026. Rubico may settle this outstanding balance in cash or, at its election, through newly-issued Series G Convertible Preferred Shares. Top Ships Inc. operates in the maritime shipping industry.
Top Ships Inc. entered into a Share Purchase Agreement to acquire 100% of the shares of four special purpose vehicles (SPVs) from Central Mare Inc., an affiliate of CEO Evangelos J. Pistiolis, for approximately $34.95 million payable by December 31, 2026. Each SPV holds a contract with Guangzhou Shipyard International to build a 49,940 dwt ice class 1A MR product tanker, scheduled for delivery between June 2029 and March 2030. The transaction is subject to customary closing conditions and the successful conclusion of lease financing covering approximately 85% of shipbuilding installments. The vessels have secured time charters with a major oil trader for seven years, with options to extend for three additional years, creating a potential gross revenue backlog of about $316.9 million from these specific assets. Upon closing, the company's total potential gross revenue backlog, including existing and joint venture vessels, will reach approximately $1.24 billion. Top Ships Inc. is an international owner and operator of modern, fuel-efficient tanker vessels transporting crude oil, petroleum products, and bulk liquid chemicals.
Top Ships Inc. closed its acquisition of three high-specification newbuilding MR Product Tankers via a share purchase agreement dated July 28, 2026. The vessels are under construction with an established shipbuilder and are scheduled for delivery in 2029. Each vessel has secured a firm five-year time charter employment contract with an oil major upon delivery, including an option to extend for one additional year. Top Ships Inc. is an international owner and operator of modern, fuel-efficient tanker vessels transporting crude oil, petroleum products, and bulk liquid chemicals.
TOP Ships Inc. reported net income of $6.5 million and diluted earnings per share of $0.61 for the six months ended June 30, 2026. Revenues were $25.5 million with EBITDA at $17.2 million. The company announced a newbuilding program comprising eight MR product tankers scheduled for delivery between 2028 and 2029, generating $539.8 million in contracted revenue. Additionally, TOP Ships agreed to acquire three scrubber-fitted MR newbuildings with five-year charters to an oil major, adding $140.6 million in contracted revenue. Approximately 85% of construction costs are financed through lease arrangements. The company also redirected $23.5 million from a canceled Dubai real estate acquisition toward the new vessel purchases and continues pursuing the divestiture of its megayacht. TOP Ships Inc. is an international owner and operator of modern, fuel-efficient tanker vessels transporting crude oil, petroleum products, and bulk liquid chemicals.