Top Ships Inc News

Greek ship-owning company Top Ships Inc. announced the completion of sale of MT Stenaweco Elegance.According to a press note from the owner and operator of modern, fuel efficient "ECO" tanker vessels, its previously announced sale of tanker was concluded.The vessel was delivered to its new owner, an unaffiliated third party, and the respective loans for which the vessel was a collateral for were fully prepaid.Few days ago, the Greek tanker owner sold its 50% owned MR2 chemical/product tankers  M/T Holmby Hills and M/T Palm Springs.The vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020, said Top Ships.

Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its  issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".

Top Ships Inc, which owns and operates tanker vessels worldwide, said that it took delivery of the 50,000 dwt newbuilding product/chemical tanker M/T Eco Marina Del Ray.According to the international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, Eco Marina Del Ray is constructed at the Hyundai Mipo shipyard in South Korea.The Greece-based company also said that the vessel is scheduled to commence its five-year charter employment with Cargill on March 18, 2019.The ship-owning company has recently concluded Financing Agreements with a major Chinese leasing company…

TOP Ships Inc.,  an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, concluded Financing Agreements of up to $45.8 million for M/T Eco California, currently under construction at Hyundai Mipo Co., Ltd. in South Korea and for M/T Nord Valiant, with a major Chinese leasing company.

Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years. GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels.

TOP Ships Inc. an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, has announced that it entered into a sale and leaseback agreement and a 5 year time charter with Cargill International SA (“Cargill Ocean Transportation”) on June 29, 2018, a leading vessel operator and freight-trading business in the bulk shipping sector, for its newbuilding vessel Hull No 8242 currently under construction at Hyundai Mipo Dockyard Co., South Korea. Consummation of the deal is expected to take place on the vessel’s delivery date currently planned for January 2019. Following the sale, the company will bareboat charter back the vessel and immediately put it on a 5 year time charter with Cargill Ocean Transportation.

Tanker vessel owner and operator TOP Ships Inc. announced that it took delivery of its 50 percent owned 49,703 dwt newbuilding product/chemical tanker M/T Eco Palm Springs on May 23, 2018. The vessel was constructed at the Hyundai Mipo Vinashin shipyard in South Korea.On May 26, M/T Eco Palm Springs commenced its three year time charter employment with Clearlake Shipping Pte Ltd.

Ship owner TOP Ships Inc. said it will purchase for $6.5 million an additional 41 percent interest in Eco Seven Inc., a Marshall Islands company that owns M/T Stenaweco Elegance, a 50,188 dwt medium range (MR) product tanker, which is operating under a three year time charter at a rate of $16,500 per day expiring in March 2020. 49 percent ownership interest in M/T ECO Holmby Hills, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from Hyundai Mipo Dockyard Co. Ltd. 100 percent ownership interest in M/T ECO Palm Desert, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from Hyundai in July 2018.

Top Ships Inc. (TOPS) has taken delivery of the M/T Nord Valiant, a 50,000 dwt fuel efficient "ECO" MR product tanker, the final vessel under construction in the Company's fleet.   TOPS is an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products.   Evangelos Pistiolis, President and CEO of the Company, stated, "The six vessel newbuilding program which started in 2014 is now successfully completed. Our business strategy continues to be focused on further expanding our fleet, with solid ships and solid counter-parties."   TOPS is incorporated in the Republic of The Marshall Islands and have been trading on NASDAQ since July 2004 under the ticker “TOPS”.

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced today that it has terminated the charter parties of M/T EShips Taweelah, Hull number S407 and Hull number S414 with Emirates Ship Investment Company (ESHIPS) LLC and that it has entered into new charters for these vessels with Stena Weco A/S. As a result of this termination, ESHIPS will pay the company a compensation of $500,000. The new charters are for 3 + 1 + 1 years at $16,200 per day for the first three years, $17,200 per day for the first optional year and $18,000 per day for the second optional year.

TOP Ships Inc., an international maritime shipping company, announced the closing of its previously announced transaction pursuant to which the company has sold the shipowning subsidiaries which own the six vessels of the company's fleet to an affiliate of the AMCI Poseidon Fund LP, for an aggregate cash consideration of approximately $173 million less approximately $135 million in debt and swap obligations of the Company assumed by the buyers. The company intends to use the net proceeds of the sale to pay down existing liabilities on its balance sheet and…

TOP Ships Inc. an international maritime shipping company that provides transportation services for petroleum products and dry bulk commodities, announced that it has entered into three stock purchase agreements with an affiliate of the AMCI Poseidon investment fund by which the company has agreed to sell the six shipowning subsidiaries which own the company's six vessels (Five Handymax product tankers and one dry bulk carrier), for an aggregate cash consideration of approximately…

Greek-based shipowners TOP Ships Inc. announces receipt of Nasdaq notice. TOP SHIPS Inc. is engaged in the worldwide transportation of liquid and petroleum cargoes as well as dry bulk cargoes through the ownership of a fleet of 6 tankers and 1 dry bulk carrier. TOP Ships Inc. announce  that it has received written notification from the Nasdaq Stock Market ("Nasdaq"), indicating that because the market value of the Company's publicly held shares for the previous 30 consecutive business days was below the minimum $5,000,000 requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(1)(C). The applicable grace period to regain compliance is 180 days.

Greece-vased Tops Ships Inc. agree a bareboat charter agreement for its dry bulk carrier 'MV Evian' TOP Ships Inc. an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announce that it has entered into a bareboat agreement to charter out the M/V "EVIAN" up to 15 December 2014 at a daily rate of US$ 7,000. The TOP Ships fleet  consists of 6 Handymax double hull tankers (for chemical/ petroleum products or crude oil) with average age 2.5 years and 1 dry cargo vessel with age 9 years. Total cargo carrying capacity of our fleet is approximately 350.000 DWT. The 51,215 dwt MV Evian was built in China in 2002, is classed with DNV, and is powered by a MAN 6S 50MC-C marine diesel engine.

TOP Ships Inc. (NasdaqGS:TOPS) announced its financial results for the second quarter and first half of 2010. - Net loss of $1.8 million or $0.06 per share. - Operating income of $4.1 million. - Revenues of $21.8 million. - Net loss of $0.9 million or $0.03 per share. - Operating income of $9.5 million. - Revenues of $44.9 million. Evangelos J. We are pleased to report a positive operating income for the second quarter and the first six months of 2010, which is a result of our committed charter portfolio. Net profit would have been marginally positive for the second quarter and $1.8 million for the first six months of 2010, respectively, before drydocking costs.

TOP Ships Inc. (NASDAQ: TOPS) announced its financial results for the fourth quarter and the fiscal year ended December 31, 2009. --  A net loss of $35.9 million or $1.20 per share. The results of the fourth quarter of 2009 include an impairment charge of $36.6 million relating to the write-down of the older two of the Company's tanker vessels to their fair market values. Excluding the impairment charge, the net loss would have amounted to net income of $0.7 million, or $0.02 per share. --  An operating loss of $31.7 million. --  Revenues of $24.4 million. --  A net loss of $50.2 million, or $1.78 per share. Excluding net expenses of $12.2 million…

TOP Ships Inc.(NASDAQ: TOPS) announced that it has received from the bareboat charterer of the M/T’s Ionian Wave and “Tyrrhenian Wave, a reduced charterhire rate of $10,000 per day, rather than the $14,300 per day on a bareboat basis that is set forth in the charter agreement. As a result, TOP Ships Inc. believes that such charterer is in breach of the charter. TOP Ships Inc. is examining this unilateral reduction and intends to take all necessary steps to recover the amounts owed.

TOP Ships Inc. (NasdaqGS:TOPS) announced its operating results for the third quarter and nine months ended September 30, 2009. For the third quarter of 2009, the company reported net income of $329,000 or $0.01 per share, compared with net income of $41,640,000 or $1.44 per share, for the third quarter of 2008. Third quarter operating income was $6,672,000 for 2009, compared with operating income of $49,127,000 for the corresponding period in 2008. Revenues for the third quarter of 2009, were $25,153,000 compared to $71,094,000 recorded in the third quarter of 2008. For the nine months ended September 30, 2009, the Company reported net loss of $14,251,000 or $0.52 per share, compared with net income of $17,210,000 or $0.69 per share, for the nine months ended September 30, 2008.

TOP Ships Inc. (NASDAQ: TOPS) announced that it has entered into a termination agreement in respect of an interest rate derivative contract for a termination payment of $5m. TOP Ships had entered into this derivative contract in November 2007, under which the company has received an upfront payment of $8.5m and would pay five annual interest payments on a notional amount of $85m. The counterparty's assets and liabilities have been under bankruptcy administration since September 15, 2008.

TOP Ships Inc. (NASDAQ: TOPS) announced on Feb. 18 that it has taken delivery of the M/T Miss Marilena from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The Miss Marilena is the first of six 50,000 dwt product/chemical tankers to be delivered within the first and second quarter of 2009. The Miss Marilena has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,400. TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services.

TOP Ships Inc. (NASDAQ: TOPS) announced on Feb. 23 that it has taken delivery of the M/T Lichtenstein from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The Lichtenstein is the second of six 50,000 dwt product / chemical tankers to be delivered within the first and second quarter of 2009. The Lichtenstein has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,550.

TOP Ships Inc. (NASDAQ: TOPS) announced that it has taken delivery of the M/Ts Ionian Wave and Tyrrhenian Wave from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The Tyrrhenian Wave and the Tyrrhenian Wave are the third and fourth of six 50,000 dwt product / chemical tankers to be delivered within the first and second quarter of 2009. The Tyrrhenian Wave and the Tyrrhenian Wave have entered into respective bareboat time-charter employments for a minimum period of seven years at a daily rate of $14,300, with three successive one-year options at a higher daily rate. (www.topships.org)

TOP Ships Inc. (NASDAQ: TOPS) announced that it has taken delivery of the M/T Britto from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.The Britto is the fifth of six 50,000 dwt product / chemical tankers to be delivered within 2009. The Britto has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,550. (www.topships.org)