TOP Ships stock price surges due to $679 million oil tanker deal

LootboxPhobia · 2026-02-24T04:41:20+00:00

Investing.com -- TOP Ships Inc. (NASDAQ:TOPS) stock price rose 8.8% in pre-market trading on Monday, after the company announced an agreement to acquire nine newbuild ECO MR product tankers with fixed-term charters.The company has signed an agreement with an entity affiliated with its CEO to acquire nine Marshall Islands companies that hold construction contracts for medium-sized product/chemical tankers with a capacity of 47,499 DWT. These vessels are scheduled to be delivered between 2028 and 2029 from Guangzhou Shipyard International.The seller has secured time charter contracts for all vessels with a major oil trading company, starting from the date of delivery for a period of seven years, with the lessee having the option to extend for an additional four years. These contracts( include potential total backlog revenue of approximately $679 million with optional extension periods).TOP Ships has agreed to a price of approximately $4,100

LootboxPhobia

2026-02-24 04:41:20

Investing.com – TOP Ships Inc. (NASDAQ:TOPS) stock rose 8.8% in pre-market trading on Monday after the company announced an agreement to acquire nine newbuild ECO MR product tankers with fixed-term charters.

The company signed an agreement with an entity affiliated with its CEO to acquire nine Marshall Islands companies that hold construction contracts for 47,499 deadweight tonnage medium-sized product/chemical tankers. These vessels are scheduled for delivery between 2028 and 2029 from Guangzhou Shipyard International.

The sellers have secured time charter agreements with a major oil trading company for all vessels, starting from the delivery date for a period of seven years, with the lessee having the option to extend for an additional four years. The potential total backlog of revenue from these contracts (including the optional years) is approximately $679 million.

TOP Ships has agreed to purchase all shares of the special purpose entities for a total purchase price of about $41 million. As this acquisition involves related-party transactions, it has been approved by a special committee composed of independent board members. The committee received a fairness opinion from an independent financial advisor regarding the consideration.

These special purpose entities are currently finalizing leasing financing agreements with two major Chinese leasing companies (including China Agricultural Bank Financial Leasing Co., Ltd. or its controlled entities), covering most of the contract price for all nine vessels. The acquisition is contingent upon the completion of these financing arrangements and the issuance of customary refund guarantees.

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