Top Ships

Name

Top Ships

Legal name

TOP SHIPS INC

Website

https://topships.org

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Maritime Tanker Shipping

NAICS

Water Transportation (483)

SIC

Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD)

akta.pro secondary industries

Crude Oil & Petroleum Products Tanker Transport (TLADALAA), Crude Oil Tanker Shipping (EUALADAG), Product Tanker Shipping (Clean/Dirty) (EUALADAH)

Keywords

• Tanker shipping services
• Time charter contracts
• Product chemical tankers
• Crude oil transportation
• Eco vessel operations

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain

Revenue model

1. Time Charter Services: The company generates revenue through time charter contracts for its fleet of eco-friendly tanker vessels. Vessels are chartered to major oil traders, shipping companies, and oil majors for fixed periods at daily rates. Revenue backlog is secured through long-term charter agreements with terms ranging from 3 to 15 years.
2. Vessel Charter Backlog: As of December 31, 2025, fixed revenue backlog for firm time charter period of operating vessels (including 50% joint venture vessels) is approximately $179 million. Newbuilding vessels have additional fixed revenue backlog of $428 million starting from June 2028.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Top Ships Inc. owns and operates a fleet of modern, fuel-efficient Hyundai-built ECO tanker vessels engaged in the worldwide transportation of liquid and petroleum cargoes as well as dry bulk cargoes. The company currently operates 10 vessels consisting of MR2 product/chemical tankers, Suezmax, and VLCC crude oil tankers, with 9 additional newbuilds scheduled for delivery in 2028-2029. Revenue is generated primarily through long-term time charter contracts (3 to 15 years) with major oil traders and integrated energy companies.

Product overview

Top Ships is an international owner and operator of modern, fuel-efficient ECO tanker vessels. The company operates a unified fleet of Hyundai-built tankers consisting of 12 MR2 product/chemical tankers, 1 Suezmax crude oil tanker, 2 VLCC crude oil tankers, and 1 mega yacht (Para Bellvm). The fleet focuses on transportation of crude oil, petroleum products (clean and dirty), and bulk liquid chemicals. The company provides world-class ship management services through its Integrated Management System compliant with ISM Code, ISO 9001, ISO 14001, ISO 50001, ISO 45001, and MLC 2006. The ECO design vessels incorporate advanced features including latest ECO G-type engines, ballast water treatment systems, SOx scrubbers, and performance monitoring capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• ECO MR Product/Chemical Tankers Modern, fuel-efficient medium-range product/chemical tanker vessels designed for transportation of clean and dirty petroleum products and bulk liquid chemicals, built by Hyundai with ECO design specifications including latest ECO G-type engines. Chartered to enterprise customers under long-term time charter contracts.
• ECO Crude Oil Tankers (Suezmax and VLCC) Large crude oil tanker vessels including one Suezmax (approximately 157,000 DWT) and two VLCCs (approximately 300,000 DWT) with fuel-efficient ECO specifications, employed worldwide under time charter contracts for the transportation of crude oil.
• Para Bellvm Mega Yacht A 47-meter mega yacht built in 2023 and flagged in the Marshall Islands, operating in the spot market with capacity for 12 guests in 5 cabins. Operated as part of the company's commercial fleet alongside tanker tonnage.
• Integrated Ship Management Services World-class ship management services compliant with the ISM Code, ISO 9001, ISO 14001, ISO 50001, ISO 45001, and MLC 2006, focusing on HSSQEEn (Health, Safety, Security, Quality, Environment, and Energy) excellence. Provided in support of the company's time-chartered tanker fleet through subsidiary Central Mare Inc.

Quantifiable outcome

• Average fleet age of 4.3 years - significantly younger than industry average
• +2 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Guangzhou Shipyard International Company LimitedcoreStrategic or Co-development PartnerShipbuilder constructing nine ECO MR product/chemical oil tanker newbuildings for delivery in 2028-2029 as part of the company's fleet expansion strategy.
• Rubico Inc.minorStrategic or Co-development PartnerRubico Inc. was spun off from Top Ships Inc. effective August 1, 2025, and commenced trading on Nasdaq Capital Market under ticker 'RUBI'. Rubico announced a letter of intent to potentially acquire a newbuilding mega yacht from Top Ships with delivery expected in 2027.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Euronav: Large crude tanker operator (VLCC and Suezmax) publicly listed and focused on time charter arrangements with similar blue-chip oil major customers.
• Scorpio Tankers: Pure-play product tanker operator with a fleet of MR and LR2 vessels. Directly comparable to Top Ships' MR2 product/chemical tanker segment and similar mid-sized public tanker company structure.
• Torm: One of the world's largest product tanker operators with a fleet focused on MR and LR2 vessels. Comparable business model of chartering tankers to oil majors and traders with similar customer base.
• Ardmore Shipping: Operator of MR and chemical/product tankers with similar ECO-efficient positioning and focus on petroleum and chemical cargoes.
• DHT Holdings: Pure-play VLCC operator with modern, fuel-efficient tonnage on time charters. Comparable to Top Ships' VLCC exposure and ECO design positioning.
• Hafnia: Product tanker pool operator with one of the largest MR fleets globally. Directly comparable in customer base and vessel class to Top Ships' MR2 operations.
• International Seaways: Public tanker operator with mixed crude (VLCC, Suezmax) and product (MR, LR2) fleet, mirroring Top Ships' diversified tanker portfolio and time charter strategy.

Broad incumbents

• Frontline: One of the world's largest tanker operators with VLCC, Suezmax, LR2, and MR vessels. Broader incumbent in the same tanker space with overlapping customer base.
• Navios Maritime: Diversified Greek shipping group with tanker and bulk carrier exposure. Broadly comparable public shipping peer with overlapping customer relationships.

Regional players

• Diana Shipping: Greek-based shipping company operating tankers and dry bulk vessels. Comparable Athens-based public shipping operator with similar time charter business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/top-ships-inc

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Top Ships