TOPS News & Events

TOP Ships announced that it has entered into an agreement with an entity affiliated with the Company's Chief Executive Officer, to acquire 100% of the issued and outstanding shares of nine Marshall Islands companies, counterparties to ship building contracts for nine very-high specification 47,499 dwt Medium Range product/chemical oil tankers with Guangzhou Shipyard International Company Limited, scheduled for delivery during 2028 and 2029. The ship building contracts' effectiveness is subject to the issuance of customary refund guarantees and the acquisition of the SPVs is subject to conclusion of financing arrangements. Specifically, the SPVs are currently finalizing lease financing agreements with two major Chinese leasing companies, one being ABC Financial Leasing or its controlled entities, covering the majority of the ship building contracts' price for all nine vessels. The Financings were arranged by the Seller and their conclusion is subject to customary closing conditions, including the provision of the Company's corporate guarantee to the leasing companies.

TOP Ships has amended the time charter agreement for its Suezmax tanker vessel M/T Eco Oceano with Central Tankers Chartering, a company affiliated with the Company's CEO, Director and major shareholder, Evangelos Pistiolis. The duration of the amended time charter is 5 years starting from January 1, 2026 and the time charter rate has been increased to $30,000 per day. Prior to the amendment, the duration of the time charter was until March 2037 and the time charter rate was $24,500 per day. As part of the amendment the Charterer has a purchase option exercisable only during February 2027 for $70 million.

Top Ships announced that it has entered into a letter of intent for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with Evangelos Pistiolis, the company's president and CEO. Under the letter of intent, Top Ships has been granted an exclusive right and an option to acquire all or a portion of a portfolio of assets with an estimated aggregate market value in excess of $200M. The purchase price on exercise of the option with respect to any of the properties will be at a 10% discount to fair market value as determined by two independent appraisals. Prior to December 31, Top Ships will make an advance cash payment of $23.5M to be credited against the acquisition price or refunded to the extent the company does not elect to exercise the purchase option. The option period expires 90 days following this advance payment. The entry into the letter of intent was approved by a special committee composed of independent members of the company's board of directors. The exercise of the purchase option remains subject to the approval of the special committee. During the 90-day option period the special committee will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors, and there can be no assurance that the purchase option will be exercised or that the acquisition of the assets subject to the purchase option or any similar transaction involving real estate assets will be consummated.

Top Ships announced that it has entered into a letter of intent for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with Evangelos Pistiolis, the company's president and CEO. Under the letter of intent, Top Ships has been granted an exclusive right and an option to acquire all or a portion of a portfolio of assets with an estimated aggregate market value in excess of $200M. The purchase price on exercise of the option with respect to any of the properties will be at a 10% discount to fair market value as determined by two independent appraisals. Prior to December 31, Top Ships will make an advance cash payment of $23.5M to be credited against the acquisition price or refunded to the extent the company does not elect to exercise the purchase option. The option period expires 90 days following this advance payment. The entry into the letter of intent was approved by a special committee composed of independent members of the company's board of directors. The exercise of the purchase option remains subject to the approval of the special committee. During the 90-day option period the special committee will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors, and there can be no assurance that the purchase option will be exercised or that the acquisition of the assets subject to the purchase option or any similar transaction involving real estate assets will be consummated.