Top Ships Inc. Announces Acquisition of four High Specification Ice Class 1A Newbuilding MR Tankers and Gross Revenue Backlog of about $1.24 Billion

TOP Ships Inc., a global owner and operator of eco-friendly tanker vessels, announced an agreement to acquire four high-performance MR Tankers from related parties. The four vessels, to be built by Guangzhou Shipyard International Company Limited, are classified as Ice Class 1A and built to ECO standards. These ships are scheduled for delivery between June 2029 and March 2030.

The four companies involved in the shipbuilding contracts have entered into lease financing agreements, with the transactions arranged by the seller. These financings cover around 85% of the total shipbuilding costs. Additionally, the SPVs have secured seven-year charter agreements with an oil major for each vessel, with the option to extend for up to three more years.

The potential gross revenue backlog from these shipbuilding contracts, assuming extension options are exercised, totals approximately $316.9 million. The total purchase price for all four vessels is about $34.95 million, payable by December 31, 2026. The transaction requires approval by the company's special board committee and completion of the financings.

This acquisition aligns with TOP Ships Inc.'s strategy to allocate capital to its core tanker business while expanding its ice class fleet to seven vessels. The addition of these four new high-specification vessels to the fleet increases trading flexibility and offers long-term employment with a reputable charterer. With all charter extension options exercised, the total potential gross revenue backlog from the fourteen newbuilding MR tankers, including contracted time charters, will reach approximately $1.24 billion.