• Like Transocean, but for oil tankers instead of drilling rigs.
• A United Rentals for ocean-going oil tankers.

TOP Ships (TOPS) provides the following major services:

• Tanker Vessel Chartering (Category: Maritime Transportation Service): Leasing out its fleet of tanker vessels to customers for the seaborne transportation of crude oil, refined petroleum products, and other liquid bulk cargoes, primarily under long-term time charter agreements.

Product Shipping & Trading S.A.

ABN AMRO Bank N.V.

Piraeus Bank S.A. (ATH: TPEIR)

Evangelos J. Pistiolis, President, Chief Executive Officer, and Director

Evangelos J. Pistiolis founded TOP Ships in 2000 and has served as its President, Chief Executive Officer, and a Director since 2004. His career in shipping commenced in 1992, and he worked at Howe Robinson & Co. Ltd. from 1994 to 1995. While pursuing his studies, he also oversaw the daily operations of Compass United Maritime Container Vessels in Greece. Pistiolis is also the founder and CEO of Central Group, a private investment conglomerate involved in shipping, energy, and real estate, which includes entities like Central Shipping Inc. and Central Mare Inc. TOP Ships, under his leadership, disposed of 18 tankers through sale-and-leaseback transactions totaling approximately $676 million between 2005 and 2006. In 2025, the company completed the spin-off of its subsidiary Rubico Inc., which subsequently listed independently on NASDAQ.

Alexandros Tsirikos, Chief Financial Officer and Director

Alexandros Tsirikos has been the Chief Financial Officer and a Director of TOP Ships since 2009. He initially joined the company in July 2007 as Corporate Development Officer. Mr. Tsirikos is a UK-qualified Chartered Accountant and previously worked for six years as a manager at PricewaterhouseCoopers (PwC). During his time at PwC, he gained experience in both consulting and auditing, and as a member of the Assurance team, he contributed to the IFRS (International Financial Reporting Standards) technical team of PwC Greece, where he led numerous IFRS conversion projects for listed companies.

Vangelis G. Ikonomou, Chief Operating Officer

Vangelis G. Ikonomou serves as the Chief Operating Officer of TOP Ships. Prior to this role, he was the Commercial Director of Primal Tankers Inc. His past experience includes working at George Moundreas & Company S.A., where he was responsible for the purchase and sale of second-hand vessels and developed a shipping industry research department, and at Eastern Mediterranean Maritime Ltd., where he worked in commercial as well as safety and quality departments.

Konstantinos Patis, Chief Technical Officer

Konstantinos Patis has been the Chief Technical Officer of TOP Ships since 2018. His career includes various positions such as Superintendent Engineer, Fleet Manager, and Technical Manager in different organizations within the maritime industry.

Konstantinos Karelas, Independent Director

Konstantinos Karelas has served as a Director of TOP Ships since 2014. Since 2008, he has held the position of President and CEO of Europe Cold Storages SA, a prominent company in refrigeration logistics.

The accelerated global energy transition and decarbonization efforts pose a clear emerging threat. This trend, evidenced by increasing electric vehicle adoption, renewable energy expansion, and stringent environmental regulations, threatens to reduce long-term demand for crude oil and petroleum products. For a company like TOP Ships, whose business is centered on transporting these commodities, a faster-than-anticipated decline in demand could lead to lower charter rates, oversupply of vessels, and potential asset impairment, mirroring the impact of Netflix on Blockbuster's demand for physical rentals.

TOP Ships (TOPS) operates primarily in the tanker shipping sector, specializing in the transportation of crude oil, refined petroleum products, and bulk liquid chemicals globally.

The addressable markets for TOP Ships' main products and services are:

• Crude Oil Tankers Market: The global crude oil tankers market size was valued at approximately USD 179.86 billion in 2025. It is projected to reach USD 244.71 billion by 2034, growing at a compound annual growth rate (CAGR) of approximately 3.48% from 2025 to 2034. Other estimates place the global market size at USD 257.37 billion in 2024, with a projected growth to USD 357.68 billion by 2032 at a CAGR of 4.2% from 2025. The global crude oil tankers market was valued at around USD 180 billion in 2023 and is expected to reach approximately USD 250 billion by 2032, with a CAGR of 3.5%.
• Product Tankers Market (for refined petroleum products and bulk liquid chemicals): The global product tankers market size reached USD 22.1 billion in 2024. This market is projected to grow at a CAGR of 4.7% from 2025 to 2033, reaching an estimated value of USD 33.2 billion by the end of the forecast period.

Here are 3-5 expected drivers of future revenue growth for TOP Ships (TOPS) over the next 2-3 years:

1. High Charter Coverage and Existing Revenue Backlog: TOP Ships benefits from a substantial revenue backlog and high charter coverage for a significant portion of its fleet in the near term. As of December 31, 2024, the company's fixed revenue backlog for the firm time charter period of its operating vessels, including joint venture vessels, stood at approximately $310 million. Furthermore, the company reported 98% charter coverage for 2024 and 55% for both 2025 and 2026 as of July 2023, providing a stable and predictable revenue foundation for the coming years.
2. Strategic Fleet Modernization and Expansion with Eco-Friendly Vessels: The broader tanker market is experiencing a growing demand for younger, more fuel-efficient, and environmentally compliant vessels due to stricter ESG (Environmental, Social, and Governance) regulations and an aging global fleet. TOP Ships currently operates a modern fleet of 10 eco-tanker vessels with an average age of 4.3 years. Continued strategic investments in acquiring or commissioning new, fuel-efficient, or dual-fuel vessels would enable TOP Ships to capitalize on this market trend, potentially securing premium charter rates and expanding its operational capacity.
3. Favorable Tanker Market Dynamics Driven by Global Energy Demand and Geopolitical Factors: Despite some anticipated weakening in specific product tanker market segments in 2025-2026, the overall global tanker shipping market is projected to grow. It is expected to expand from USD 209.4 billion in 2024 to USD 345.2 billion by 2035, at a compound annual growth rate (CAGR) of 4.65% from 2025–2035. This growth is largely fueled by rising global oil and gas demand and the expansion of the petrochemicals industry. Geopolitical events, such as the Red Sea conflicts, have historically led to longer shipping routes and increased demand for tanker vessels, consequently boosting freight rates. Should such disruptions persist or new ones emerge, they could continue to positively impact TOP Ships' revenue.
4. Optimized Utilization of Open Capacity at Potentially Strong Spot Rates: With a portion of its fleet becoming available for new charters in 2025 and 2026 (45% of the fleet), TOP Ships has the opportunity to secure new contracts. If the strong market conditions, driven by factors like geopolitical reroutings or continued global energy demand, persist or improve, the company could re-charter these vessels at favorable prevailing market rates, thereby driving significant revenue growth from its open capacity.

Share Repurchases

• Authorized a share repurchase program of up to $5.1 million in August 2020.
• Authorized a share repurchase program of up to $4 million in December 2023.

Share Issuance

• Issued 715,150 common shares in October 2022 for net proceeds of approximately $4.5 million.
• Issued and sold 4,966,887 Units, each consisting of one common share and one Class C Warrant, in 2022.
• Filed a $200 million mixed securities shelf in September 2025.

Outbound Investments

• Acquired a 50% interest in two vessel owning companies for $27 million in April 2020, which owned two MR product tankers.
• Signed an agreement in July 2024 to acquire 100% of a company owning a 499-gt megayacht for $20 million, which was delivered in April 2025.
• Agreed in July 2024 to acquire 100% of a shipowning firm that will own a newbuilding 1,150-gt megayacht, scheduled for delivery in 2027, for $27 million.

Capital Expenditures

• Capital expenditures were $216.71 million in fiscal year 2022 and $115.51 million in fiscal year 2021.
• In the first half of 2025, $3.5 million was paid for advances for vessels under construction.
• The primary focus of capital expenditures is on acquiring and maintaining a fleet of modern, fuel-efficient tanker vessels, including newbuilds and through sale and leaseback agreements with future buy-back obligations.