TOP Ships Inc., an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced that after taking into account the June 30, 2026, charter free vessel value estimates from third party international brokers, debt outstanding and cash, management estimates the Company’s net asset value (“NAV”) as of June 30, 2026, to be $359.2 million. This reflects a 24% increase from the previous NAV reported on March 10, 2026. This translates into a NAV of $47.19 per common share (based on the number of common shares currently outstanding) and $12.49 per common share on a fully diluted basis (assuming the conversion of all outstanding convertible preferred shares and the exercise of all outstanding warrants).
The Company’s CEO said: “As of the last market close, we are trading at a 94% discount to our current estimate of our fully-diluted NAV. Our fleet has an average age of approximately 5.2 years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications. In addition, our newbuilding pipeline comprises of eight high-specification 47,499 dwt MR tanker newbuildings, scheduled for delivery from Q2 2028 to Q4 2029. Furthermore, as previously announced, we intend to sell the megayacht M/Y Para Bellvm and exit the megayacht sector, with the objective of releasing significant capital — expected to be a multiple of our current market capitalization — for redeployment towards our core tanker business.”