The Nasdaq-listed shipowner said the deal covers a Marshall Islands company tied to a 47,499 dwt MR product and chemical tanker newbuilding due for delivery in 2029.
TOP Ships Inc. said it agreed to sell 100% of the issued and outstanding shares of a Marshall Islands special purpose vehicle, or SPV, to Rubico Inc. for about $6.25 million. The SPV is a counterparty to a shipbuilding contract with Guangzhou Shipyard International Company Limited for a very-high specification 47,499 dwt Medium Range product and chemical oil tanker scheduled for delivery during 2029. The purchase price is payable in full at closing, which is expected by September 30, 2026, subject to customary closing conditions. TOP Ships said the sale was approved by a special committee of independent and disinterested members of its board, which obtained a fairness opinion from an independent financial advisor on the consideration for the transaction. TOP Ships describes itself as an international owner and operator of modern, fuel-efficient eco tanker vessels that transport crude oil, petroleum products and bulk liquid chemicals. The company also said statements about the planned sale of newbuilding tankers are forward-looking and subject to risks and uncertainties outlined in its Securities and Exchange Commission filings.