TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that it has entered into an agreement with Rubico Inc to sell 100% of the issued and outstanding shares of one Marshall Island company which is a counterparty to a ship building contract for one very-high specification 47,499 dwt Medium Range product/chemical oil tanker with Guangzhou Shipyard International Company Limited, scheduled for delivery during 2029.
The aggregate selling price for 100% of the shares of the SPV is approximately $6.25 million, payable in full at closing. The transaction is expected to close by September 30, 2026, subject to customary closing conditions.
The sale was approved by a special committee composed of independent and disinterested members of the Company’s board of directors, which obtained a fairness opinion with respect to the consideration paid to acquire the SPV from an independent financial advisor.