TOP Ships Announces Amendment of Time Charter at a Higher Daily Rate

TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American:TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that it has amended the time charter agreement for its Suezmax tanker vessel M/T Eco Oceano with Central Tankers Chartering Inc. (the “Charterer”), a company affiliated with the Company’s CEO, Director and major shareholder, Evangelos J. Pistiolis.

The duration of the amended time charter is 5 years starting from January 1, 2026 and the time charter rate has been increased to $30,000 per day. Prior to the amendment, the duration of the time charter was until March 2037 and the time charter rate was $24,500 per day. As part of the amendment the Charterer has a purchase option exercisable only during February 2027 for $70 million.

The amendment was approved by an independent committee of the board of directors which obtained a fairness opinion from an independent financial advisor.