ATHENS, Greece, Nov. 17, 2025 (GLOBE NEWSWIRE) -- Top Ships Inc. (the "Company" or "TOPS") (NYSE:TOPS), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has closed the previously announced sale and leaseback financing agreements (the "SLBs" or "Financing Agreements") with a major Chinese financier for the refinancing of its two 300,000 dwt VLCC tankers, the M/Ts Julius Caesar and Legio X Equestris, its 157,000 dwt Suezmax tanker, the M/T Eco Oceano and its 50,000 dwt MR Product Tanker, the M/T Eco Marina Del Ray.

The gross proceeds before fees and related expenses but after repayment of previous debt amounted to about $27.2 million.

Evangelos J. Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

"The amount of cash released from the concluded deals approximates our current market capitalization. Taking into account the new debt levels of our fleet following the refinancings, the leverage of the fleet remains at a very conservative level of about 52%."

Refinancing Summary

Pursuant to the SLB terms, we will bareboat charter back the vessels for a period of ten years (except for M/T Eco Marina Del Ray which is for seven years) at bareboat hire rates comprising of consecutive monthly installments of $0.25 million per VLCC vessel, $0.18 million for M/T Marina Del Ray and $0.18 million for M/T Eco Oceano CA along with a purchase obligation of $38.5 million per VLCC vessel, $13.0 million ...