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GlobeNewswire·

Top Ships Announces Sale of Two Newbuilding MR Tankers for about $14.5 million

  • TOP Ships Inc. agreed to sell 100% of two Marshall Islands SPVs to Rubico Inc. for approximately $14.5 million.
  • The SPVs hold contracts to build two 47,499 dwt chemical/product oil carriers with Guangzhou Shipyard International & China Shipbuilding Trading.
  • Delivery for the two Newbuilding MR Tankers is scheduled for Q4 2028 & Q4 2029.
  • The transaction is payable in cash or Rubico Inc.'s Series G Perpetual Convertible Preferred Shares at the buyer's election.
  • Closing is expected by March 31, 2027, subject to customary conditions.
  • A special committee of independent directors approved the sale after receiving a fairness opinion from an independent financial advisor.
  • TOP Ships currently holds contracts for ten 50,000 dwt MR newbuildings, with two of them being sold & four others being acquired via a separate share purchase agreement.
  • The company also announced its intention to divest the megayacht M/Y Para Bellvm.
Company
TOP Ships Inc.
Keywords
NYSE:TOPS, TOP Ships Inc.