Top Ships (TOPS) Registration filing summary

Company overview and business model

• Operates a fleet of modern, fuel-efficient eco tanker vessels for transporting crude oil, petroleum products, and chemicals, with a total capacity of 857,000 dwt, including joint ventures and newbuilds scheduled for delivery in 2028–2029.

• Fleet includes MR tankers, Suezmax, VLCCs, and a megayacht, with all vessels IMO-certified and equipped with advanced fuel and emission technologies.

• Fleet management is handled by a related party, Central Shipping Inc., and the company has a history of long-term charters with major industry players.

• Recent developments include an equity distribution agreement and amendments to ship purchase agreements with related parties.

Financial performance and metrics

• As of April 24, 2026, 5,500,820 common shares are outstanding, with 2,129,391 held by non-affiliates.

• Adjusted capitalization as of December 31, 2025, includes $252.8 million in non-current debt and $16.1 million in mezzanine equity.

• Sale and leaseback financing and ATM share sales have contributed to recent liquidity.

Use of proceeds and capital allocation

• Net proceeds from the equity facility (up to $49.2 million after fees) are intended for general corporate purposes, including working capital, debt repayment, and fleet expansion.

• Management retains significant discretion over allocation, with no specific vessels or debt repayments identified at this time.