Top Ships Inc. Successfully Completes its Tanker Fleet Refinancing
London, November 18, 2025, (Oilandgaspress) ––Top Ships Inc. announced today that it has closed the previously announced sale and leaseback financing agreements with a major Chinese financier for the refinancing of its two 300,000 dwt VLCC tankers, the M/Ts Julius Caesar and Legio X Equestris, its 157,000 dwt Suezmax tanker, the M/T Eco Oceano and its 50,000 dwt MR Product Tanker, the M/T Eco Marina Del Ray.
The gross proceeds before fees and related expenses but after repayment of previous debt amounted to about $27.2 million. Evangelos J. Pistiolis, the President, Chief Executive Officer and Director of the Company, said: “The amount of cash released from the concluded deals approximates our current market capitalization. Taking into account the new debt levels of our fleet following the refinancings, the leverage of the fleet remains at a very conservative level of about 52%.”
Refinancing Summary
Pursuant to the SLB terms, we will bareboat charter back the vessels for a period of ten years (except for M/T Eco Marina Del Ray which is for seven years) at bareboat hire rates comprising of consecutive monthly installments of $0.25 million per VLCC vessel, $0.18 million for M/T Marina Del Ray and $0.18 million for M/T Eco Oceano CA along with a purchase obligation of $38.5 million per VLCC vessel, $13.0 million for M/T Marina Del Ray and $20.0 million for M/T Eco Oceano CA at the expiry of their respective bareboat charters.
The Financing Agreements bear an interest rate of 3-month term SOFR plus a margin of 1.95% per annum. Under the terms of the Financing Agreements, we will have the option to buy back the vessels following the end of the first year at purchase prices stipulated in the bareboat charter agreement depending on when the option is exercised.
The Financing Agreements, and the relevant appurtenant guarantees, contain customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including that we maintain a leverage ratio of no more than 85% and minimum liquid funds of $0.55 million per VLCC vessel, $0.40 million per Suezmax vessel and $0.35 million per MR Product Tanker. Concurrently with entry into these SLBs, we provided a guarantee of the obligations of the vessel-owning subsidiaries under the respective SLBs and also entered into a guarantee of the obligations of the vessel-owning subsidiaries of Rubico Inc. (“Rubico”) under similar SLBs entered into with the same major Chinese financier in an aggregate amount of $84.0 million. The Financing Agreements contain cross-default provisions which would be triggered by a default under these SLBs entered into by Rubico.
About the Company
TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals.
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