Top Ships Announces Management Estimate of Net Asset Value at $289 Million

ATHENS, Greece, March 10, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the Company’s net asset value (“NAV”) as of December 31, 2025 to be $289 million (including the Company’s 50% Joint Venture vessel’s values, debt and cash). This translates into a NAV of $58.81 per common share (based on number of common shares currently outstanding) and $45.13 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants).

The Company’s CEO said:

“As per the latest market close, we are trading at a 91.2% discount to the Company’s current estimate of the fully-diluted NAV of the Company. The company’s fleet has an average age of about 4.8 years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Our time charters with high quality customers have been generating positive cashflow and income and we expect that they will continue the same way, since our earliest time charter expires in Q1 2028 and the longest one expires in Q3 2031.”

About the Company

TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals.

Cautionary Note Regarding Forward-Looking Statements