TOP Ships agrees to sell two tanker-owning companies to Rubico for about $14.5 million
TOPS•TOP Ships agreed to sell two companies holding MR tanker newbuilding contracts to related-party Rubico for about $14.5 million. The sale is expected to close by March 31, 2027, subject to customary conditions.
1. Sale terms
TOP Ships agreed to sell 100% of the two companies, which hold contracts for 47,499-dwt chemical/product oil carriers scheduled for delivery in the fourth quarters of 2028 and 2029. Payment is due at closing in cash or, at Rubico’s election, partly or entirely in its Series G Perpetual Convertible Preferred Shares.
2. Approval and timing
Closing is expected by March 31, 2027, subject to customary conditions. A committee of independent, disinterested directors approved the sale after receiving a fairness opinion from an independent financial adviser.
