Top Ships Inc. Announces Closing of Financings

TOP Ships Inc., an international owner 2nd operator of modern, fuel efficient “ECO” tanker vessels, announced today that it closed the previously announced two Financing Agreements with a major Chinese Financier, for total gross proceeds of $45.8 million, in relation to the 50,000 dwt product/chemical tankers M/T Stenaweco Energy and M/T Stenaweco Evolution. The proceeds were used towards the reacquisition of the two vessels via the exercise of purchase options. The Company paid $47.9 million for the exercise of both purchase options and the term of both facilities is 10 years.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“We are very pleased to have concluded these new financings that we expect will improve our profitability. More specifically, the new financings have a lower cost of debt, compared to the operating leases previously in place, and their accounting treatment will result in less non-cash expenses in our profit and loss statement. As a result, we expect an increase in the profitability of the specific vessels and a positive contribution to our overall profitability.”