TOP Ships Agrees to Sell Two Tanker Contracts to Related Party
Athens, Thursday, 12 November 2026.
TOP Ships will transfer two oil tanker contracts to affiliate Rubico for $14.5 million, offloading future construction commitments while securing charter revenue potential exceeding $150 million.
The Transaction: Selling Future Tanker Contracts for Immediate Liquidity
On November 12, 2026, TOP Ships Inc. (NYSE American: TOPS), a Greece-based international owner and operator of fuel-efficient tanker vessels, announced an agreement to sell 100% of the shares of two Marshall Islands special purpose vehicles (SPVs) to Rubico Inc., a related party, for approximately $14.5 million in cash or Rubico’s Series G Perpetual Convertible Preferred Shares at closing [1][2][3][5]. The SPVs hold shipbuilding contracts with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for two 47,499 deadweight tonnage (dwt) Medium Range (MR) chemical/product oil carriers, scheduled for delivery in the fourth quarters of 2028 and 2029, respectively [1][2][3][5]. This strategic divestment allows TOP Ships to monetize asset values and bolster its balance-sheet liquidity amid evolving dynamics in global refined petroleum shipping markets [1][2][3][5].
Rubico’s Strategic Expansion and Charter Backlog
The acquisition forms part of Rubico’s broader expansion in the MR tanker segment, with the acquired vessels set to be chartered by Trafigura Maritime Logistics under seven-year time charters, with options to extend for an additional four years [4]. Rubico estimates potential gross revenue from these two charters to exceed $150.9 million, including the optional periods [4]. This follows two earlier SPV acquisitions from TOP Ships in July 2026, which gave Rubico three MR newbuilds slated for delivery in 2029 [4]. Rubico currently operates two 157,000 dwt Suezmax tankers and plans to sell a 60-meter megayacht newbuild due in Q2 2027, signaling a capital reallocation toward its core tanker business [4].
Financial Structure and Future Deliveries
Each SPV benefits from a sale and leaseback arrangement with a Chinese leasing company, covering 85% of the shipbuilding installments, with the first installment of $6.8 million per vessel already paid [4]. Post-delivery, Rubico will make quarterly payments of $0.5 million per vessel over 10 years, alongside a balloon payment of $18.2 million per vessel due at the end of the term [4]. The transaction is expected to close by March 31, 2027, subject to customary closing conditions [1][2][3][5]. TOP Ships retains corporate guarantees for these obligations, ensuring financial stability for both parties [4].
Broader Fleet and Contract Portfolio
TOP Ships’ operational fleet totals 857,000 dwt, comprising one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt Very Large Crude Carriers (VLCCs), and 50% joint venture interests in two additional 50,000 dwt product tankers [1][2][3]. The company also holds contracts for ten 50,000 dwt MR newbuilding tankers, with deliveries scheduled between Q2 2028 and Q4 2029, including the two vessels involved in the recent transaction [1][2][3]. Additionally, TOP Ships has announced plans to acquire four more shipowning companies with contracts for four high-specification 50,000 dwt MR tankers, scheduled for delivery from Q2 2029 through Q1 2030 [1][2][3]. The company has also indicated its intention to divest its megayacht M/Y Para Bellvm, further streamlining its asset base [1][2][3][5].