Top Ships (TOPS) Q4 2025 earnings summary

Charter period and structure

• Each bareboat charter for the vessels Julius Caesar, Legio X Equestris, and Eco Oceano CA is for 120 months (10 years) from commencement, with the charter being valid and enforceable from execution until the end of the period.

• The charters are part of sale and leaseback transactions, with delivery and acceptance of the vessel under a Memorandum of Agreement (MOA) being a condition precedent.

Delivery, acceptance, and cancellation

• Delivery is back-to-back with the MOA, and the charterers must accept the vessel once delivered under the MOA.

• If the vessel is not delivered by the cancelling date or the MOA is terminated, the charter is immediately cancelled without further action, but fees and expenses already paid are retained by the owner.

Charter hire and payments

• Charterers pay an advance charter hire equal to the difference between the purchase price and the financing amount, set off at closing.

• Monthly charter hire is paid in arrears, consisting of a fixed capital element and a variable interest element based on Term SOFR plus a margin (1.95% per annum).

• Payments are absolute and unconditional, not subject to set-off, counterclaim, or any vessel condition, and must be made in USD to the owner's designated account.