TOP Ships to sell ECO MR tanker newbuilding for $6.25 million

1 min read | Published on 15 Jul 2026, 11:50 PM |Updated on 15 Jul 2026, 11:50 PM

Reviewed by

Anirudha BScanX News Team

Key Highlights

TOP Ships Inc. entered into an agreement with Rubico Inc to sell 100% of the shares of a Marshall Islands special purpose vehicle (SPV) holding a shipbuilding contract for one ECO MR product tanker. The transaction is valued at approximately $6.25 million and is expected to close by September 30, 2026. The sale was approved by a special committee of independent directors and supported by a fairness opinion from an independent financial advisor.

*this image is generated using AI for illustrative purposes only.

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

Detail	Information
Buyer	Rubico Inc
Asset	100% shares of Marshall Islands SPV
Vessel Type	Medium Range product/chemical oil tanker
Deadweight Tonnage	47,499 dwt
Shipyard	Guangzhou Shipyard International Company Limited
Delivery Schedule	2029
Sale Price	$6.25 million
Expected Closing	September 30, 2026

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.

How will TOP Ships utilize the proceeds from this $6.25 million sale?

What strategic factors drove Rubico Inc. to invest in a vessel scheduled for delivery in 2029?

Will TOP Ships pursue additional divestments of its newbuilding program following this transaction?

TOP Ships vessel exits Strait of Hormuz, values rise 13%

1 min read | Published on 24 Jun 2026, 07:20 PM |Updated on 24 Jun 2026, 10:29 PM

Reviewed by

Jubin VScanX News Team

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Key Highlights

TOP Ships Inc. announced the safe exit of its 2022-built VLCC, M/T Legio X, from the Strait of Hormuz after a navigation disruption. The vessel continued to generate revenue under its time charter with no interruption to contracted cash flows. Furthermore, third-party broker estimates indicate a 13% increase in comparable VLCC values since the management's net asset value estimate on March 10, 2026.

*this image is generated using AI for illustrative purposes only.

TOP Ships Inc. announced that its 2022-built Very Large Crude Carrier (VLCC), M/T Legio X, has safely exited the Strait of Hormuz following a disruption to navigation in the waterway. The vessel had remained within the Strait since the beginning of the disruption, but its departure marks a resolution to the operational constraint. Throughout the period, M/T Legio X continued to earn revenue under its existing time charter employment, ensuring financial stability despite the logistical challenges.

The Company experienced no interruption to the contracted cash flows generated by the vessel during this time. Additionally, TOP Ships noted a positive development regarding asset valuations. According to charter free vessel value estimates from a third-party international broker, the value of comparable VLCCs has increased by approximately 13% from the values used in the management estimate of net asset value announced on March 10, 2026.

Key Financial and Operational Details

Metric	Details
Vessel Name	M/T Legio X
Status	Exited Strait of Hormuz
Revenue Impact	No interruption to contracted cash flows
VLCC Value Increase	Approximately 13% since March 10, 2026

The appreciation in VLCC values reflects broader market trends and could positively influence the company's net asset value assessments moving forward. TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products and bulk liquid chemicals.

Will the increased asset valuations prompt TOP Ships to consider selling vessels or leveraging them for fleet expansion financing?

How might the recurring instability in the Strait of Hormuz impact future time charter rates or insurance premiums for the company's fleet?

Does the 13% appreciation in VLCC values signal a sustained bullish trend for the crude oil tanker market in the coming year?