Top Ships

 Fact Sheet

We are an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. We believe 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. We are incorporated in the Republic of The Marshall Islands and have been trading on NASDAQ since July 2004 under the ticker "TOPS". Our principal executive offices are in Athens, Greece

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Investment Highlights
Company Name Top Ships
Market/Symbol NASDAQ: TOPS
Recent Price
Market Cap $13.68M
Avg. Daily Vol. (3m) 13,162,765
Price/Book N/A
Price/Cash Flow N/A
As of Feb. 16, 2018
*Source: QuoteMedia

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Recent Company Videos

Top Ships: Expanding Fleet of ECO Tankers

Apr. 27, 2015

Tops Ships (NASDAQ: TOPS) - Presentation and Q/A session recorded at the April 2015 RedChip Global Online CEO Conference. TOP Ships Inc. is an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products.

Investment Highlights

The only ECO MR pure play in the market

  • IPO in July 2004 and follow-on offering 3 months after, raised about $300 million
  • From Jan 2008 until Lehman collapse, sold most of older tonnage and terminated expensive leasing obligations while fixing all remaining vessels in the fleet at very high rates on medium to long term charters
  • In 2013 sold entire fleet realizing most of the value of the charters
  • In 2013/2014 repositioned the company through the acquisition of six high specification ECO MR Product Tankers (two delivered, four under construction)

  • Proceeds used for acquisition of first two vessel and shipyard installments for remaining four

  • Lower fuel consumption (24.3 tons/day vs. 32.6 tons/day) resulting in savings of about $5,000 per day (assuming fuel oil costs $600/ton)
  • ECO MR Product Tankers are a small fraction of the total MR Product Tanker fleet; currently they represent about 5% of the fleet and this figure is estimated to grow to about 22% by 2017.

  • Average duration of charters: 3.5 years firm and 5.5 years if options exercised
  • Average daily TCE: $16,114 firm and $16,538 if options exercised

  • Relocation of refineries closer to the oil reserves and particularly in the Middle East has led to increases in both product exports and tonne-miles traveled towards consuming areas
  • U.S. crude oil production has risen to its highest level in 22 years and US has become a major exporter of oil products. IEA projects the U.S. to become the world's largest producer of oil by 2015

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