Top Ships acquires four ice-class MR tanker newbuildings

ATHENS, Greece, Oct. 07, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that it has entered into a share purchase agreement with a related party (the "Seller") to purchase the shares of four companies (the "SPVs") which have entered into shipbuilding contracts with Guangzhou Shipyard International Company Limited for the construction of four high-specification, ECO, ice class 1A MR Product Tankers to be delivered between June 2029 and March 2030. The SPVs are finalizing lease financing agreements (the "Financings"), arranged by the Seller with a major Chinese leasing company, covering approximately 85% of all shipbuilding installments. The SPVs have secured time charter employment for the vessels with an Oil Major, commencing upon their respective deliveries, for a firm duration of seven years, with the charterer holding options to extend for up to three additional years. The total potential gross revenue backlog from these contracts, assuming the exercise of all available charter extension options, is approximately $316.9 million. The aggregate purchase price for 100% of the issued shares of the SPVs is approximately $34.95 million (the "Consideration") and is payable by 31 December 2026. The closing of the transaction is subject to customary closing conditions and the successful conclusion of the Financings by the Seller. The acquisition was approved by a special committee consisting of independent and disinterested members of the Company's board of directors, which obtained a fairness opinion with respect to the Consideration from an independent financial advisor. The Company's CEO said: "Today's deal is consistent with our recently announced redeployment of capital into our core tanker business, while at the same time further expanding our ice class fleet to 7 vessels and diversifying our charterer base with the addition of another oil major. These four high-specification, ice class vessels enhance the trading flexibility of our fleet, and their seven-year firm charters provide long-term contracted employment with a first-class counterparty well into the next decade. The total potential gross revenue backlog from these four newbuilding MR tankers, assuming the exercise of all available charter extension options, is approximately $317 million. Upon closing of this transaction, the total potential gross revenue backlog, from our fourteen newbuilding MR tankers, assuming the exercise of all available charter extension options, will be approximately $997 million. Including contracted time charters for our operating fleet and our 50% proportionate share of the backlog attributable to our JV vessels, total potential gross revenue backlog --including optional periods--will increase to approximately $1.24 billion, demonstrating the strength and visibility of our future potential cash flows. We remain