TOP Ships Announces Estimated Net Asset Value Of $359.2M, Or $47.19 Per Common Share, As Of June 30, A 24% Increase From The Previous NAV Reporting In March

TOP Ships shares are trading lower. The company announced the acquisition of three high specification newbuilding MR tankers and potential gross revenue backlog of about $0.93 billion.

Top Ships Inc. Announces Acquisition of three High Specification Newbuilding MR Tankers and Potential Gross Revenue Backlog of about $0.93 Billion

TOP Ships Inc. has agreed to acquire three high-specification ECO MR Product Tankers under construction, with time charter employment secured from an oil major for five years plus one optional year. The acquisition costs approximately $7.4 million and is expected to close by September 30, 2026. The three vessels represent approximately $140.6 million in potential gross revenue backlog, bringing the company's total potential gross revenue backlog across its fleet to approximately $929 million.

TOP Ships Signs Share Purchase Agreement For Three ECO Scrubber-Fitted MR Product Tankers, Net $7.4M Consideration After Dubai Deal Refund

Rubico Announces Acquisition of 3rd Newbuilding MR Tanker and a 24% Increase of Potential Gross Revenue Backlog to About $379 Million

Rubico Inc. announced the acquisition of a third newbuilding MR tanker from Top Ships Inc. through a share purchase agreement. The 47,499 dwt chemical/product oil carrier is scheduled for delivery in Q2 2029 and has secured a seven-year time charter with a major oil trader worth approximately $75.4 million in potential gross revenue. The acquisition increases Rubico's total potential gross revenue backlog to approximately $379.2 million, representing a 24% increase.