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Company

About Us

We are an international owner of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. Please see our “Fleet”.

We are incorporated in the Republic of The Marshall Islands and have been trading on NASDAQ since July 2004 under the ticker “TOPS”.

Top Ships - About us

What we do

We have established a reputation in the international ocean transport industry for operating and maintaining vessels with high standards of performance, reliability and safety.

Our management team comprises of executives with extensive experience in managing and operating large and diversified fleets of vessels, and with strong ties to a number of national, regional and international oil companies, charterers and traders.

Our strategy is to grow the company’s fleet via acquisitions of newbuilding, resale or secondhand vessels of superior ECO design.

On delivery of our last new building vessel, our 10 vessel fleet average age will be 1,7 years. One of the youngest MR Product Tanker fleets in the world.

History

1999

Enter the tanker market.

2004

Lead the way in new wave of shipping IPOs. Fastest ever shipping IPO and follow on offering; total proceeds in excess of $260m.

2004 - 06

Fleet grew from 7 to 33 vessels becoming one of the largest double hull Suezmax and Handymax tanker operators in the world. Market cap grew from $135m to $672m in less than a year.

2005

Went on the road with a committed fleet of 15 dry bulk vessels from AM Nomikos. Marketing of the deal was successful but didn't price due to unfavorable stock market conditions. Vessel values were up to 3 times higher just 1,5 years later.

2005

Entered the Offshore market by acquiring 3 secondhand AHTS that were in operation up to 2013.

2005 - 06

Successfully disposed of 18 tankers at near peak levels through SLB transactions worth approximately $676m. Tanker charter rates and values subsequently receded to lower levels.

2007

Tanker charter rates and values subsequently receded to lower levels.

2008

Sold 7 owned suezmax tankers and arranged the sale of 6 chartered in tankers and terminated respective leases. Last vessels delivered few weeks before Lehman Brothers collapse.

-

Fixed all dry bulk vessels on medium to long term charters at high charter rates.

-

Fixed all 6 newbuilding tankers scheduled to be delivered the following year, on long term charters at record high charter rates.

2009 - 11

Took delivery of 6 newbuilding product tankers without diluting shareholders and entered into long term charters at rates that were more than three times the average spot rates.

2013

Sold entire fleet consisting of 5 MR Tankers and 1 Supramax dry bulk vessel for $173 million.

-

Realized a significant part of the remaining value of the MR tanker charters achieving up to 40% premium on charter free valuations.

2014-16

Re- Entered the Tanker market by acquiring six (6) MR Product Tankers.

Finance

Balance sheet data

75.6
74.0
143.3

Adjusted Ebitda

0.2
3.1
16.2