TOP Ships Terminates ATM Program

Maritime Activity Reports, Inc.

July 24, 2018

Photo: TOP Ships

Photo: TOP Ships

TOP Ships, an international owner and operator of modern announced that, effective immediately, it is terminating the equity distribution agreement with Maxim Group LLC providing for the “at-the-market” equity offering program (ATM Offering).

The international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products also announced that it is in discussions and has received indicative terms from financial institutions for the financing of the M/T’s Eco California, Eco Bel Air and Eco Beverly Hills, which are expected to be delivered in January, April and May 2019 respectively, from Hyundai in South Korea.

The high quality of these vessels together with the high quality time charters attached, make them attractive to financiers.

Additionally, the company is close to finalizing an increase in the Family Trading Inc. credit facility, an affiliate of its CEO and controlling shareholder Evangelos Pistiolis.

Also, the company is in discussions with its existing senior lenders as well as with other finance providers with an objective to secure additional liquidity.

Maritime Reporter Magazine Cover May 2019 - Propulsion Annual - Green Marine Tech

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News