ATHENS, Greece, May 30, 2017 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning
company (the “Company”), announced today that it has entered into an agreement with a related party to purchase for $6.5 million,
an additional 41% interest in Eco Seven Inc., a Marshall Islands company that owns M/T Stenaweco Elegance, a 50,188 dwt Medium
Range (“MR”) product tanker, which is operating under a three year time charter at a rate of $16,500 per day expiring in March
2020.
Since February 2017, the Company has made the following acquisitions:
- 90% ownership interest in M/T Stenaweco Elegance, which includes the investment described above;
- 49% ownership interest in M/T ECO Holmby Hills, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from
Hyundai Mipo Dockyard Co. Ltd. (“Hyundai”) in January 2018;
- 49% ownership interest in M/T ECO Palm Springs, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from
Hyundai in April 2018;
- 100% ownership interest in M/T ECO Palm Desert, a 50,000 dwt newbuilding product/chemical tanker scheduled for delivery from
Hyundai in July 2018.
The Company has invested $28.2 million for the acquisitions described above, which was raised through common
stock and preferred stock offerings of the Company.
Evangelos Pistiolis, President and CEO of the Company, stated: “In 2014 we focused the Company on a newbuilding
program of high specification eco-friendly MR product tankers at Hyundai. Since then we have taken delivery of 7 of these vessels
and employed them under 3-5 year fixed rate contracts. With the acquisition of the sister ship M/T Stenaweco Elegance, our
operating fleet’s average age was reduced to 1.5 years making it one of the youngest MR Product Tanker fleets in the world and our
charter backlog currently stands at about $100 million, providing cashflow visibility reaching into 2021. In July 2018 after the
delivery of our last newbuilding vessel the Company will have a 10 vessel operating fleet with an average age of 1.7 years. As a
result of this strategy, the Company remains cashflow positive after meeting all of its operating and senior debt obligations.
Furthermore on current vessel valuations our fleet is leveraged less than 60%. Our business strategy continues to be focused on
further expanding our fleet as we take delivery of our 3 remaining newbuildings next year and employ them under medium term fixed
rate contracts.”
Infographics accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/c775b0c5-bee7-4a96-8d8d-20760a254616
http://www.globenewswire.com/NewsRoom/AttachmentNg/e55b4f69-a0ad-4ba1-acee-09e939719380
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements
of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar
expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination
of historical operating trends, data contained in our records and other data available from third parties. Although we believe that
these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
Contacts: Alexandros Tsirikos Chief Financial Officer TOP Ships Inc. 1, Vassilissis Sofias Str. & Meg. Alexandrou Str. 151 24, Maroussi, Greece Tel: +30 210 812 8180 Email: atsirikos@topships.org
