TOP Ships Expands Fleet with Three Eco-Friendly Tankers Secured by Major Oil Contracts

2026-07-29 companies

New York, Thursday, 30 July 2026.
TOP Ships is acquiring three new eco-friendly product tankers for $7.4 million, leveraging a real estate refund to boost its potential revenue backlog to $929 million through long-term energy charters.

Strategic Acquisition of ECO MR Tankers

TOP Ships Inc. (NYSE American: TOPS) announced on July 29, 2026, the acquisition of three special purpose vehicles (SPVs), each holding a shipbuilding contract for one ECO, scrubber-fitted Medium Range (MR) product tanker [1][2]. The transaction values the acquisition at approximately $7.4 million, a figure calculated net of a $23.5 million refund from a previously cancelled Dubai real estate deal [1][5]. This strategic purchase is designed to expand the company’s operational capacity with fuel-efficient maritime transport assets scheduled for delivery in 2029 [2][3]. The deal is expected to close by September 30, 2026, subject to customary closing conditions [alert! ‘Closing contingent on regulatory and contractual fulfillment’] [1][5]. Approval for the transaction was granted by a special committee of independent board members, who secured a fairness opinion from an independent financial advisor to ensure equitable terms [2][5].

Revenue Backlog and Charter Agreements

Upon delivery, the three new vessels will commence five-year time charter agreements with an oil major, with an option for the charterer to extend for one additional year [1][5]. These specific contracts contribute a potential gross revenue backlog of approximately $140.6 million, including optional periods [2][5]. When combined with the existing fleet pipeline, the acquisition increases TOP Ships’ total potential gross revenue backlog to approximately $929 million [1][6]. The newbuildings represent a significant portion of the company’s future cash flow visibility, with the ten newbuilding MR tankers in the pipeline accounting for approximately $680 million of the total backlog [2][5]. Analytical assessment suggests the new vessels contribute roughly 15.135 percent of the company’s total potential gross revenue backlog including optional periods [1][5].

Portfolio Restructuring and Asset Sales

Concurrent with the acquisition, TOP Ships Inc. announced an agreement on July 28, 2026, to sell 100% of the shares of a Marshall Islands SPV to Rubico Inc., a related party [4][6]. This SPV holds a shipbuilding contract for a 47,499 dwt chemical/product oil carrier scheduled for delivery in the second quarter of 2029 [4][6]. The aggregate selling price for the shares is approximately $6.5 million, payable in full at closing, which is also expected by September 30, 2026 [4][6]. This sale was approved by a special committee of the Company’s board of directors, which utilized a fairness opinion from an independent financial advisor to evaluate the consideration received [4][6]. These movements indicate a redeployment of capital into the core tanker business while diversifying the charterer base [2][5].

Sources

Maritime Shipping Fleet Expansion