Top Ships Signs Letter of Intent to Purchase Real Estate Assets in Dubai
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 28 2025
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Acquisition Intent: Top Ships has entered a letter of intent to potentially acquire residential real estate assets in Dubai from a company affiliated with its president and CEO, Evangelos Pistiolis, with an estimated market value exceeding $200M.
Purchase Terms: The acquisition option includes a 10% discount to fair market value, determined by independent appraisals, and requires an advance cash payment of $23.5M, which will be credited against the purchase price or refunded if the option is not exercised.
Approval Process: The letter of intent was approved by a special committee of independent board members, and the exercise of the purchase option is subject to their further approval.
Due Diligence: During the 90-day option period, the special committee will conduct due diligence and evaluate the transaction, with no guarantee that the purchase option will be exercised or that the acquisition will be completed.
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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.
TOP Ships Amends Charter for M/T Eco Oceano, Increases Daily Rate to $30,000
- Charter Amendment: TOP Ships has amended the time charter for its M/T Eco Oceano with Central Tankers Chartering for a duration of five years starting January 1, 2026, increasing the daily rate from $24,500 to $30,000, which significantly enhances the company's revenue potential.
- Purchase Option: The amended charter includes a purchase option for the charterer to buy the vessel for $70 million in February 2027, which increases the company's asset liquidity and capital flexibility for future operations.
- 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.
- Market Positioning: By focusing on modern, fuel-efficient tanker operations, this charter amendment not only strengthens TOP Ships' competitive position in the market but also lays a foundation for sustained growth in the global tanker transportation sector.
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TOP Ships Sells Vessel-Owner Shares for $38 Million Mega Yacht Deal
- Transaction Announcement: TOP Ships has signed a sale agreement with Rubico Inc. for $38 million involving shares of a vessel-owning company linked to the new mega yacht M/Y Sanlorenzo 1150Exp, expected for delivery in Q2 2027, indicating the company's strategic positioning in the luxury market.
- Independent Review: The transaction was negotiated and approved by a special committee of independent board members, receiving a fairness opinion from an independent financial advisor, which enhances transparency and investor confidence in the deal.
- Liquidity Enhancement: The completion of the share sale by March 31, 2026, is expected to provide TOP Ships with additional liquidity, supporting its future operational and expansion plans, particularly in the eco-tanker segment.
- Market Strategy Adjustment: By executing this sale, TOP Ships can optimize its asset portfolio and focus on modern, fuel-efficient eco-tanker operations, further solidifying its competitive position in the international shipping market.
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