Top Ships finalizes refinancing for its tanker fleet
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 17 2025
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Sale and Leaseback Financing: Top Ships has completed sale and leaseback financing agreements with a major Chinese financier for refinancing four of its tankers.
Tanker Details: The financing involves two 300,000 dwt VLCC tankers (M/T Julius Caesar and Legio X Equestris), one 157,000 dwt Suezmax tanker (M/T Eco Oceano), and one 50,000 dwt MR Product Tanker (M/T Eco Marina Del Ray).
Financial Outcome: The gross proceeds from the financing, after repaying previous debt and before fees and related expenses, totaled approximately $27.2 million.
Strategic Move: This financing strategy is part of Top Ships' efforts to optimize its capital structure and enhance liquidity.
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About TOPS
Top Ships Inc is a Greece-based international provider of worldwide oil, petroleum products, and chemicals transportation services. The Company owns and operates eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty), and bulk liquid chemicals. The Company’s fleet consists of 3 product/chemical MR2 tankers of approximately 50,000 deadweight tonnage (dwt) each, namely ECO MARINA DEL REY, ECO YOSEMITE PARK, and ECO JOSHUA PARK; 5 crude oil Suezmax tankers of approximately 157,000 dwt each, namely ECO BEL AIR, ECO BEVERLY HILLS, ECO WEST COAST, ECO MALIBU, and ECO OCEANO CA, as well as 2 crude oil VLCC tankers of approximately 300,000 dwt each, namely JULIUS CAESAR and LEGIO X EQUESTRIS.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Independent Review: The amendment was approved by an independent committee of the board and received a fairness opinion from an independent financial advisor, ensuring transparency and compliance while mitigating potential conflict of interest risks.
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