TOP Ships (NYSE American: TOPS) agrees to buy four tanker SPVs with $1.24 billion backlog

What happened

TOP Ships Inc. (NYSE American: TOPS) said Oct. 7, 2026, that it entered a share purchase agreement to buy four shipowning companies. Each company has a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for one 49,940 dwt ice class 1A MR product tanker. The tankers are due for delivery between June 2029 and March 2030. Each ship has a firm seven-year charter and options for up to three more years.

TOP Ships said the four vessels carry about $316.9 million of potential gross revenue backlog if all extension options are used. Including contracted time charters for the operating fleet and the company’s 50% share of backlog from joint venture vessels, total potential gross revenue backlog including optional periods will be about $1.24 billion.

The aggregate purchase price for all of the shares is about $34.95 million, payable by Dec. 31, 2026. A special committee of independent and disinterested directors approved the deal and received a fairness opinion from an independent financial advisor. Closing still depends on customary conditions and the seller’s financing agreements, which are expected to cover about 85% of shipbuilding installments.

Key numbers

Metric	Latest	Change	Source
Total potential gross revenue backlog including optional periods	about $1.24 billion		SEC 6-K Exhibit 99.1
Potential gross revenue backlog from fourteen newbuilding MR tankers upon closing	approximately $997 million		SEC 6-K Exhibit 99.1
Potential gross revenue backlog from the four newbuilding MR tankers	approximately $316.9 million		SEC 6-K Exhibit 99.1
Aggregate purchase price for 100% of the shares of the four companies	approximately $34.95 million		SEC 6-K
Lease financing coverage of shipbuilding installments	approximately 85%		SEC 6-K

Read more: TOP Ships (TOPS) stock analysis and investment case

Why it matters

OptimistFi’s case is that TOP Ships can work if vessel employment stays firm and operating cash flow reaches common shareholders. This filing supports that view by adding four long-term charters and a larger announced backlog.

The four-vessel backlog is about 31.8% of the announced $997 million backlog from fourteen newbuilding MR tankers. The caution is that the deal is not closed and the backlog assumes optional charter extensions are exercised, so the cash flow remains potential, not locked in.

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What's next

TOP Ships said the purchase price is due by Dec. 31, 2026, and closing still needs the seller’s financing agreements and customary conditions. If the deal closes, TOP Ships says total potential gross revenue backlog from fourteen newbuilding MR tankers will be about $997 million.

Delivery of the four tankers is scheduled between June 2029 and March 2030, with the seven-year charters starting at delivery.

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