TOP Ships Inc. has elected not to exercise its option to acquire a portfolio of residential real estate assets in Dubai, a move that will see the return of a $23.5 million advance payment. The decision, made by the special committee of independent members of the board, allows the company to redirect capital toward its core tanker business. This shift in strategy prioritizes fleet expansion over the previously planned diversification into real estate.

The advance cash payment of $23.5 million will be refunded to TOP Ships Inc. in accordance with the terms of the letter of intent announced on November 28, 2025. Following this refund, the company will have no further obligations regarding the potential transaction. The capital released is intended to be deployed to support the growth of the company's tanker fleet.

The special committee's decision was influenced by the continued instability in the Gulf region as well as the company's appetite for further growth of its tanker fleet. TOP Ships Inc. is an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, transporting crude oil, petroleum products, and bulk liquid chemicals.

Transaction Details

The company operates a fleet of ocean-going vessels focusing on energy efficiency. By abandoning the real estate deal, TOP Ships Inc. aims to strengthen its position in the maritime shipping sector rather than expanding into property investment.

TOP Ships Inc. has agreed to sell an ECO MR product tanker newbuilding to Rubico Inc for approximately $6.25 million. The transaction involves the sale of 100% of the issued and outstanding shares of a Marshall Islands special purpose vehicle (SPV), which is the counterparty to a shipbuilding contract for a 47,499 dwt Medium Range product/chemical oil tanker. The vessel is under construction at Guangzhou Shipyard International Company Limited and is scheduled for delivery during 2029.

The aggregate selling price is payable in full at closing. The transaction is expected to be finalized by September 30, 2026, subject to customary closing conditions. The sale was approved by a special committee composed of independent and disinterested members of TOP Ships' board of directors. The committee obtained a fairness opinion regarding the consideration paid to acquire the SPV from an independent financial advisor.

Transaction Details

TOP Ships Inc. is an international owner and operator of modern, fuel-efficient eco tanker vessels. The company focuses on transporting crude oil, petroleum products, and bulk liquid chemicals.