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Top Ships Inc. Announces Sale of Its Last Non-Scubber Fitted Tanker

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TOP Ships Inc. has successfully sold its last non-scrubber fitted vessel, the MR product tanker Nord Valiant, for approximately $6.9 million in net cash proceeds before fees and expenses. This sale marks a significant step in the company's strategy to enhance its fleet's efficiency by focusing on modern, fuel-efficient "ECO" tanker vessels. Additionally, the related financing for the vessel has been fully prepaid, further improving the company's financial position.

Positive
  • Sale of the last non-scrubber fitted vessel indicates a shift towards a more eco-efficient fleet.
  • Generated approximately $6.9 million in net cash proceeds from the sale.
Negative
  • None.

ATHENS, Greece, Sept. 01, 2021 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has sold to unaffiliated third parties its last non-scrubber fitted vessel, the MR product tanker Nord Valiant. The related financing has been prepaid in full and the net cash proceeds of the sale amount to about $6.9 million, before fees and expenses relating to the sale.

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

Contacts:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.        
Tel: +30 210 812 8107
Email: atsirikos@topships.org


FAQ

What vessel did TOP Ships Inc. sell?

TOP Ships Inc. sold its last non-scrubber fitted vessel, the MR product tanker Nord Valiant.

How much did TOP Ships Inc. earn from the sale of the Nord Valiant?

The company earned approximately $6.9 million in net cash proceeds from the sale.

What is the significance of the vessel sale for TOP Ships Inc.?

The sale signifies TOP Ships' commitment to enhancing its fleet's efficiency by transitioning to modern, fuel-efficient "ECO" tankers.

Was the financing for the Nord Valiant vessel settled?

Yes, the related financing for the Nord Valiant has been prepaid in full.

TOP Ships Inc.

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