TOP Ships sells newbuilding MR tanker SPV for about $6.5 million

TOP Ships agreed to sell a special-purpose vehicle tied to a 47,499 dwt chemical/product oil carrier under construction for about $6.5 million. The deal, expected to close by Sept. 30, 2026, gives the tanker owner a near-term cash infusion while offloading a vessel scheduled for delivery in 2029.

Why it matters: - The sale converts a long-dated shipbuilding asset into cash now. - TOP Ships is monetizing exposure to a tanker project that would not deliver until the second quarter of 2029. - The move could simplify the company’s capital allocation while it remains focused on modern eco tanker vessels.

What happened: - TOP Ships entered into an agreement with Rubico Inc., a related party, to sell 100% of the issued and outstanding shares of a Marshall Islands special-purpose vehicle. - The SPV is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. - The vessel under construction is a 47,499 dwt chemical/product oil carrier. - The transaction value is about $6.5 million, payable in full at closing. - TOP Ships expects the deal to close by Sept. 30, 2026, subject to customary closing conditions.

The details: - The SPV holds the rights and obligations tied to the newbuilding contract. - Delivery of the vessel is scheduled for the second quarter of 2029. - TOP Ships said a special committee of independent and disinterested board members approved the sale. - The special committee obtained a fairness opinion from an independent financial advisor on the consideration for the SPV. - TOP Ships is an international owner and operator of ocean-going vessels focused on eco tanker vessels carrying crude oil, petroleum products and bulk liquid chemicals. - More information is available on TOP Ships’ website. - The company is also a B2i Digital Featured Company, with a profile at B2i Digital.

Between the lines: - The related-party structure suggests the company is using a formal governance process to support a transaction with an affiliate. - The fairness opinion and independent committee review are meant to reduce concerns about conflicts of interest. - Selling the SPV before construction is complete can free up capital and limit future exposure to shipbuilding and market risk.

What’s next: - The transaction is expected to close by Sept. 30, 2026. - If closing conditions are met, TOP Ships will receive the sale proceeds at closing. - The company remains positioned around its fleet of fuel-efficient tanker vessels and other vessel-related investments.

The bottom line: - TOP Ships is trading a future tanker delivery for immediate cash, with the deal structured and reviewed to address related-party concerns.