TOP Ships (TOPS)
Charters modern product, chemical and crude-oil tankers under multi-year fixed-rate contracts.
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Charters modern product/chemical and crude-oil tankers worldwide, primarily on fixed-rate time charters. Its outsourced operating model combines ECO tonnage with contracted employment, while founder-linked entities supply fleet management and executive personnel.
Reports tanker and megayacht segments. The tanker segment charters product/chemical and crude-oil vessels worldwide, primarily under multi-year fixed-rate time charters that supply the vessel and crew while customers direct trading within contractual limits. Management has announced an intended sale of the yacht and exit from the megayacht sector.
Builds the tanker business around ECO vessel design, reliability, safety, fuel economy, operational flexibility and acceptability to oil-company charterers. Its fleet includes MR product/chemical tankers, a Suezmax and VLCC crude carriers, alongside a changing pipeline of newbuilding MRs with charter arrangements.
Relies on a founder-affiliated manager for operating, technical, commercial, accounting and reporting services, while another affiliate supplies executives and administrative staff. Operations remain dependent on customer performance, tanker-market cycles, vessel availability, maritime safety and environmental rules, and sale-and-leaseback covenants.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $11.4M · Total debt $261.0M · Total assets $373.5M · Shareholders' equity $92.8M
- Revenue
- $25.5M
- Operating income
- $11.6M
- Net income
- $6.5M
No dividends on record.
4.63M ADS as of Sep 22, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
The share count has not been confirmed by a second filing; stakes use it as it stands.
Some positions are filed in underlying shares, not receipts; the ratio is unknown, so no percentage.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Armistice Capital, LLCStrategic | —9.44% of class, as filed | — | filed Feb 14, 2023 |
CVI Investments, Inc.Strategic | —7.80% of class, as filed | — | filed Feb 14, 2019 |
Crede Capital Group, LLCStrategic | —1.23% of class, as filed | — | filed Feb 14, 2018 |
Family Trading Inc.Strategic | —37.55% of class, as filed | — | filed Sep 21, 2026 |
Heights Capital Management, Inc.Strategic | —9.90% of class, as filed | — | filed Nov 2, 2018 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- International Seaways
Broadest fleet rival across MR, Suezmax, and VLCC charters.
- Scorpio Tankers
Large-scale rival in MR product-tanker chartering.
- Frontline
Scaled crude-tanker rival in VLCC and Suezmax chartering.
- DHT
Specialist VLCC owner competing for global crude-oil charters.
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TOP Ships | $0.8100 | −7.95% | $3.3M | — | — | 0.1 | −41.9% |
| International Seaways | $104.00 | +0.12% | $5.40B | 7.0 | 8.6 | 4.3 | +121.9% |
| Scorpio Tankers | $82.33 | +0.02% | $4.32B | 5.4 | 11.2 | 3.6 | +70.2% |
| Frontline | $47.67 | −0.48% | $11.09B | 7.5 | 6.1 | 4.1 | +166.2% |
| DHT | $21.42 | +0.16% | $3.62B | 7.6 | 6.4 | 5.0 | +174.7% |
| Median | 7.2 | 7.5 | 4.2 | +144.1% |