TOP Ships Closes Fleet Sale

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, together with future borrowings, to initiate a program of acquisition of new vessels.