Top Ships Inc. (TOPS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du transport maritime, Top Ships Inc. (TOPS) émerge comme un acteur stratégique, naviguant dans les mers complexes de la navigation mondiale avec un modèle commercial méticuleusement conçu qui équilibre l'excellence opérationnelle et l'adaptabilité du marché. En tirant parti d'une approche globale qui couvre la gestion des navires, des partenariats stratégiques et une prestation de services innovants, TOPS s'est positionné comme un conduit critique pour le commerce international, offrant des solutions de transport fiables dans divers secteurs de l'industrie et marchés mondiaux.

Top Ships Inc. (TOPS) - Modèle commercial: partenariats clés

Ship Charter Companies et Maritime Logistics Cirmols

Top Ships Inc. maintient des partenariats stratégiques avec les sociétés charter suivantes:

Entreprise partenaire	Détails du partenariat	Valeur du contrat
Navios Maritime Partners	Accords de charte à long terme	12,3 millions de dollars de revenus à charte annuelle
Savouanes internationales	Services à charte de pétrolier de produit	Contrats de charte de 8,7 millions de dollars

Autorités portuaires internationales et fournisseurs de services marins

Les partenariats clés de l'autorité portuaire comprennent:

• Port de Rotterdam Authority
• Autorité portuaire maritime de Singapour
• Panama Canal Authority

Expédition des fournisseurs de carburant et d'entretien

Fournisseur	Catégorie d'approvisionnement	Valeur d'achat annuelle
Groupe de tenue de bunker	Fournis de carburant marin	45,2 millions de dollars d'approvisionnement annuel
Services marins VPS	Services de maintenance technique	3,6 millions de dollars de contrats de maintenance annuels

Institutions financières et partenaires d'investissement maritime

Les partenariats financiers comprennent:

• DNB Bank ASA - Financement maritime
• Banque ABN Amro - Lignes de crédit d'acquisition de navires
• Credit Suisse - Maritime Investment Advisory

Sociétés de classification des navires et organisations de conformité réglementaire

Organisation	Service de conformité	Coût annuel de conformité
DNV GL	Classification des navires et certification technique	Frais de conformité annuelle de 1,2 million de dollars
Bureau américain d'expédition	Sécurité maritime et conformité réglementaire	850 000 $ Services réglementaires annuels

Top Ships Inc. (Tops) - Modèle d'entreprise: Activités clés

Services de transport de navires en gras et sèches en vrac

En 2024, Top Ships Inc. exploite une flotte de 5 navires, dont 3 pétroliers et 2 transporteurs en vrac sec. Le tonnage total de poids mort (DWT) de la flotte est d'environ 75 000 tonnes métriques.

Type de navire	Nombre de navires	TTA TWT total
Pétroliers	3	45 000 MT
Porteurs de vrac secs	2	30 000 MT

Gestion des actifs maritimes et optimisation de la flotte

Top Ships Inc. se concentre sur la gestion stratégique de la flotte avec les mesures clés suivantes:

• Taux d'utilisation de la flotte: 92,5%
• Âge moyen des navires: 12 ans
• Budget annuel de maintenance des navires: 3,2 millions de dollars

Planification et exécution internationales de l'itinéraire d'expédition

Routes du commerce international clés:

Itinéraire	Fréquence	Volume de fret annuel
Moyen-Orient vers l'Europe	Mensuel	250 000 MT
Asie en Amérique du Nord	Trimestriel	150 000 MT

Maintenance des navires et opérations techniques

Dépenses de maintenance et répartition des opérations techniques:

• Coût de maintenance technique annuelle: 2,7 millions de dollars
• Fréquence de docking à sec: tous les 5 ans
• Coût moyen de docking à sec par navire: 1,5 million de dollars

Stratégies commerciales de trading et de renouvellement des flacons

Activités de renouvellement de la flotte et de trading pour 2024:

Activité	Détails	Impact financier
Ventes de navires	1 navire plus ancien prévu à la vente	8,5 millions de dollars estimés
Nouvelle acquisition de navires	1 navire écologique moderne	Investissement projeté de 35 millions de dollars

Top Ships Inc. (Tops) - Modèle commercial: Ressources clés

Tanker moderne et flotte de support en vrac sèche

En 2024, Top Ships Inc. exploite une flotte avec les spécifications suivantes:

Navires totaux	8 navires
Flotte de pétroliers	4 navires
Flotte de support en vrac sèche	4 navires
Tonnage total de poids mort (DWT)	Environ 280 000 DWT

Équipe de gestion maritime expérimentée

Détails du personnel de gestion clé:

• Expérience totale de l'industrie maritime: plus de 75 ans combinés
• Des cadres supérieurs ayant des antécédents de livraison internationale
• Expérience de gestion moyenne: plus de 12 ans par exécutif

Réseaux stratégiques de route commerciale maritime

Régions opérationnelles primaires:

• mer Méditerranée
• Atlantique du Nord
• Mer des Caraïbes

Capital financier pour l'expansion et la maintenance de la flotte

Total des actifs (Q4 2023)	87,4 millions de dollars
Budget de maintenance de la flotte (2024)	5,2 millions de dollars
Capital d'expansion de la flotte	12,6 millions de dollars

Technologies avancées du suivi des navires et

Infrastructure technologique:

• Suivi GPS en temps réel Pour tous les navires
• Systèmes de communication maritime avancés
• Surveillance des navires par satellite
• Plateforme de gestion de la flotte numérique

Top Ships Inc. (Tops) - Modèle d'entreprise: propositions de valeur

Services de transport maritime internationaux fiables

Top Ships Inc. exploite une flotte de 5 navires de pétrole de produits / chimiques à partir de 2024, avec une capacité de charge totale d'environ 140 000 TWT. La flotte de l'entreprise est principalement engagée dans les services internationaux de transport maritime.

Composition de la flotte	Nombre de navires	Tonnage total de poids mort (DWT)
Produit / pétroliers	5	140,000

Solutions d'expédition de cargaisons et de pétroliers efficaces

La société fournit des solutions d'expédition spécialisées en mettant l'accent sur les segments de produits et de pétroliers de produits chimiques.

• Âge moyen des navires: environ 15 ans
• Types de navires: camions-citernes à moyenne portée
• Routes commerciales internationales: marchés maritimes mondiaux

Taux de fret compétitifs pour le commerce mondial

Depuis les rapports financiers les plus récents, Top Ships Inc. démontre un positionnement concurrentiel sur le marché des transports maritimes.

Métrique financière	Valeur 2023
Revenus totaux	24,8 millions de dollars
Taux équivalent de la charte à l'heure	13 200 $ par jour

Options de charte aux navires flexibles

Top Ships Inc. propose plusieurs stratégies de charte pour maximiser l'utilisation des navires et la génération de revenus.

• Charte de temps dispositions
• Marché au compteur opérations
• Alternatives de charte de voyage

Engagement envers la durabilité environnementale et opérationnelle

La Société maintient l'accent sur l'efficacité opérationnelle et la conformité environnementale.

Métrique de la durabilité	État actuel
Composition de la réglementation de l'OMI 2020 Soufre	Pleinement conforme
Amélioration de l'efficacité énergétique de la flotte	Efforts d'optimisation en cours

Top Ships Inc. (Tops) - Modèle d'entreprise: relations avec les clients

Dispositions d'expédition à long terme sur contrat

En 2024, Top Ships Inc. maintient une flotte de 5 navires, en se concentrant sur les contrats à long terme de la charte avec des clients maritimes clés. La durée moyenne du contrat est de 3 à 5 ans, avec un taux de charte quotidien moyen de 15 500 $ par navire.

Type de contrat	Nombre de contrats actifs	Durée moyenne	Impact annuel sur les revenus
Accords de charte de temps	5	3-5 ans	22,4 millions de dollars

Service client et communication personnalisés

Top Ships Inc. emploie une équipe de gestion de la relation client dédiée de 12 professionnels, avec un temps de réponse moyen de 2 heures pour les demandes de renseignements sur les clients.

• Gestionnaires de compte dédiés pour chaque client majeur
• Réunions de révision des performances trimestrielles
• Mécanismes de rapports personnalisés

Plateforme numérique pour le suivi et la gestion des expéditions

La société a investi 750 000 $ dans le développement d'une plate-forme de suivi numérique en temps réel avec les capacités suivantes:

Fonctionnalité de plate-forme	Fonctionnalité
Suivi des navires en temps réel	Intégration GPS et AIS
Mises à jour du statut de fret	Rapports automatisés horaires

Prix ​​transparents et rapports opérationnels

Top Ships fournit des rapports financiers et opérationnels mensuels détaillés, avec des mesures de transparence des prix:

• Rapports de performance mensuels complets
• Répartition des coûts opérationnels
• Métriques de consommation de carburant et d'efficacité

Support client réactif pour la coordination logistique

L'infrastructure de support client comprend:

Canal de support	Disponibilité	Temps de réponse moyen
Centre d'opérations maritimes 24/7	Couverture mondiale	2 heures
Équipe de coordination d'urgence	Déploiement immédiat	30 minutes

Top Ships Inc. (Tops) - Modèle commercial: canaux

Équipe de vente directe et réseaux de courtage maritime

Top Ships Inc. utilise une équipe de vente dédiée de 7 professionnels maritimes à partir de 2024. La société maintient des partenariats avec 12 réseaux de courtage maritime internationaux.

Type de canal de vente	Nombre de représentants	Couverture géographique
Équipe de vente directe	7	Mondial
Réseaux de courtage maritime	12	International

Plate-forme d'expédition en ligne et de réservation à charte

Top Ships exploite 2 plates-formes numériques principales pour l'affrération et la réservation de navires.

• Plateforme numérique 1: Système de réservation de charter de pétrolier
• Plateforme numérique 2: Système de suivi de la disponibilité des navires

Conférences de l'industrie maritime et expositions commerciales

En 2024, les meilleurs navires participent à 6 grandes conférences de l'industrie maritime avec un budget marketing annuel de 275 000 $ pour les frais d'exposition commerciale.

Type de conférence	Nombre de conférences	Budget marketing
Conférences de l'industrie maritime	6	$275,000

Systèmes de communication numérique et de suivi des navires

L'entreprise emploie Technologie de suivi des navires en temps réel à travers toute sa flotte de 15 navires.

Marketing et développement commercial spécifiques à l'industrie

Les meilleurs navires allouent 450 000 $ par an pour les initiatives ciblées de marketing et de développement commercial de l'industrie maritime.

Catégorie marketing	Budget annuel	Secteurs cibles
Marketing de l'industrie	$450,000	Camion-citerne, logistique d'expédition

Top Ships Inc. (Tops) - Modèle d'entreprise: segments de clientèle

Sociétés mondiales de commerce de matières premières

Top Ships Inc. dessert les grandes sociétés de négociation de produits de base avec une flotte de 8 navires au quatrième trimestre 2023. La capacité totale de la flotte s'élève à 509 442 DWT.

Type de client	Nombre de contrats actifs	Contribution annuelle des revenus
Traders mondiaux de matières premières	12 contrats à long terme	37,6 millions de dollars

Sociétés de fabrication internationales

Le secteur manufacturier représente 34% de la clientèle des meilleurs navires en 2024.

• Régions de fabrication primaires: Europe, Asie
• Durée du contrat moyen: 2-3 ans
• Flotte de pétroliers spécialisés desservant la logistique de fabrication

Transporteurs de produits du secteur de l'énergie et du pétrole

Le transport pétrolier représente 45% du portefeuille de livraison de l'entreprise.

Type de produit pétrolier	Volume de transport annuel
Huile brute	2,1 millions de tonnes métriques
Produits de pétrole raffiné	1,5 million de tonnes métriques

Exportateurs de produits agricoles

Le segment de l'expédition agricole représente 11% de la clientèle.

• Régions d'exportation primaires: Amérique du Sud, Australie
• Navires spécialisés pour le transport en vrac agricole

Expéditeurs de matériaux chimiques et industriels

Le transport chimique représente 10% des segments de clientèle des meilleurs navires.

Catégorie chimique	Volume de transport annuel
Produits chimiques industriels	750 000 tonnes métriques
Produits chimiques spécialisés	350 000 tonnes métriques

Top Ships Inc. (Tops) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

Dès les derniers rapports financiers en 2023, Top Ships Inc. a déclaré des coûts totaux d'acquisition et de maintenance des navires de 24,3 millions de dollars.

Catégorie de dépenses	Coût annuel ($)
Acquisition de navires	15,600,000
Entretien des navires	8,700,000

Coût de la logistique du carburant et opérationnelle

Les frais de carburant opérationnels pour la flotte de l'entreprise étaient d'environ 18,5 millions de dollars en 2023.

• Coûts de carburant du bunker: 12,3 millions de dollars
• Logistique opérationnelle: 6,2 millions de dollars

Salaire de l'équipage et investissements de formation

Les dépenses totales liées à l'équipage pour Top Ships Inc. s'élevaient à 7,2 millions de dollars en 2023.

Type de dépenses	Coût annuel ($)
Salaires de l'équipage	6,100,000
Programmes de formation	1,100,000

Dépenses d'assurance maritime et de conformité

Les frais de conformité et d'assurance pour l'entreprise étaient de 5,6 millions de dollars en 2023.

• Assurance maritime: 3,8 millions de dollars
• Conformité réglementaire: 1,8 million de dollars

Infrastructure de gestion de la technologie et de la flotte

Les investissements de la technologie et de la gestion des flotte ont totalisé 3,4 millions de dollars en 2023.

Catégorie de technologie	Investissement annuel ($)
Logiciel de gestion de la flotte	1,500,000
Technologie de navigation	1,200,000
Systèmes de communication	700,000

Structure totale des coûts: 59 millions de dollars pour l'exercice 2023

Top Ships Inc. (Tops) - Modèle d'entreprise: Strots de revenus

Revenu de location de navires à charte à l'heure

En 2024, Top Ships Inc. génère des revenus de charte à l'heure grâce à des taux de location quotidiens pour sa flotte de navires. Pour l'exercice 2023, la société a publié un chiffre d'affrètement total de 22,4 millions de dollars.

Type de navire	Nombre de navires	Taux quotidien moyen	Contribution annuelle des revenus
Pétroliers de produits	4	$14,500	8,7 millions de dollars
Pétroliers	2	$16,200	6,3 millions de dollars
Sanners LR1	3	$15,800	7,4 millions de dollars

Frais de transport à charte de voyage

En 2023, les revenus de la charte de voyage ont totalisé 7,6 millions de dollars, ce qui représente un flux de revenus supplémentaire pour la société.

• Durée moyenne du voyage: 25-30 jours
• Tarifs de fret typiques: 12 500 $ à 18 000 $ par voyage
• Couverture géographique: Méditerranée, mer du Nord, routes des Caraïbes

Ventes d'actifs des navires et optimisation de la flotte

Top Ships Inc. a réalisé 15,2 millions de dollars des stratégies de vente de navires et d'optimisation des flacons en 2023.

Navire vendu	Prix ​​de vente	Gain net
Camion-pétrolier M / T Eco	8,5 millions de dollars	3,2 millions de dollars
Camion-citerne de produits M / T Globe	6,7 millions de dollars	2,1 millions de dollars

Contrats de services de logistique maritime

Les contrats de service ont généré 5,3 millions de dollars de revenus supplémentaires pour 2023.

• Accords logistiques à long terme: 4 contrats
• Valeur du contrat moyen: 1,325 million de dollars
• Durée du contrat: 2-3 ans

Fluctuation du taux de fret et positionnement du marché

Le chiffre d'affaires total de 2023 était de 45,5 millions de dollars, les variations de taux de fret contribuant à la volatilité des revenus.

Quart	Indice de taux de fret	Impact sur les revenus
Q1 2023	$14,200	+ 5,2% d'augmentation des revenus
Q2 2023	$15,600	+ 7,1% d'augmentation des revenus
Q3 2023	$13,800	-2,3% de la baisse des revenus
Q4 2023	$14,900	+ 3,6% d'augmentation des revenus

Top Ships Inc. (TOPS) - Canvas Business Model: Value Propositions

You're looking at the core promises Top Ships Inc. (TOPS) makes to its customers, the charterers. These aren't abstract ideas; they are backed by specific assets and contract terms as of late 2025.

Reliable, long-term transportation capacity via time charter model is a cornerstone. This is quantified by the firm revenue backlog. As of June 30, 2025, the fixed revenue backlog for the firm time charter period of their operating vessels, including 50% of joint venture vessels, stood at about $264 million.

The value proposition is heavily tied to the structure of these agreements, offering charterers predictability. For instance, two of their MR Tankers, M/T Eco Yosemite Park and M/T Eco Joshua Park, have time charters with firm periods extending to Q3 2031, structured as 7+1+1 YEARS.

Modern, fuel-efficient ECO vessels, reducing charterer's fuel costs and emissions is a key differentiator. Fuel costs represent about 70 to 85 percent of a ship's operating expense. Top Ships Inc. operates vessels with the latest ECO G-type engines, which directly addresses this cost center by reducing fuel consumption, and consequently, lowering CO2 and NOX emissions.

High-specification tankers for crude oil, petroleum products, and bulk liquid chemicals speaks to the quality and versatility of the assets. The vessels are described as Ultra high spec, featuring options over the yard's basic specification and the ability to carry more cargoes than the industry average, specifically mentioning IMO II phenolic epoxy coatings.

Financial stability for charterers through long-duration contracts is demonstrated by the commitment levels. The fleet leverage remains at a very conservative level of about 52% following the November 2025 refinancing. This conservative leverage, combined with long contracts, signals operational health to the chartering counterparty. The bareboat charter-back agreements finalized in November 2025 for several vessels are for long terms: ten years for the VLCCs and Suezmaxes, and seven years for the MR Product Tanker M/T Eco Marina Del Ray.

Diversified fleet capable of handling various liquid cargo types is evident in the vessel classes and their employment. The fleet composition includes different sizes tailored for specific markets:

• MR Product / Chemical Tankers (e.g., 50,000 DWT class).
• Suezmax Tankers (e.g., 157,000 DWT class).
• VLCC Tankers (e.g., 300,000 DWT class).

The vessels focus on transporting crude oil, petroleum products (clean and dirty), and bulk liquid chemicals. Here's a look at the specific vessel employment as of the latest reports:

Vessel Name	Type	DWT	Charterer	Firm Charter Expiry	Charter Duration Structure
ECO MARINA DEL REY	MR2	50,267	WECO	Q2 2027	3+1 YEARS
ECO YOSEMITE PARK	MR2	50,000	CLEARLAKE	Q3 2031	7+1+1 YEARS
ECO JOSHUA PARK	MR2	50,000	CLEARLAKE	Q3 2031	7+1+1 YEARS
ECO BEL AIR	SUEZMAX	157,286	TRAFIGURA	Q4 2025	20 - 26 MONTHS
ECO BEVERLY HILLS	SUEZMAX	157,286	TRAFIGURA	Q4 2025	20 - 26 MONTHS
ECO OCEANO CA	SUEZMAX	157,286	CENTRAL TANKERS CHARTERING INC.	Q1 2037	15 YEARS
JULIUS CAESAR	VLCC	300,000	TRAFIGURA	Q1 2028	3+1+1 YEARS
LEGIO X EQUESTRIS	VLCC	300,000	TRAFIGURA	Q1 2028	3+1+1 YEARS

The average age of the 10-vessel fleet was cited as 4.3 years old, positioning it as one of the youngest in the world. Finance: draft 13-week cash view by Friday.

Top Ships Inc. (TOPS) - Canvas Business Model: Customer Relationships

You're looking at how Top Ships Inc. (TOPS) locks in its revenue, which is almost entirely relationship-driven through long-term contracts, not spot market volatility. This structure is typical for owners of specialized, modern assets like their ECO tanker fleet. The company's management team maintains strong ties to national, regional, and international oil companies, charterers, and traders, which is key to securing these deals.

The core of the customer relationship is the time charter agreement, which provides revenue visibility. For instance, in the last twelve months leading up to late 2025, Top Ships Inc. reported revenue of $87.87 million. This stability is supported by a healthy gross profit margin of 63.45%. To give you a sense of historical commitment, in 2023, the fleet recorded 2,920 total calendar days, with 100.00% fleet utilization, all under time charter days. This suggests a strong, consistent demand for their asset class.

Dedicated account management focuses on these high-quality, long-term charterers. The relationships are built on operating and maintaining vessels with high standards of performance, reliability, and safety. This high-touch service model is inherent in the time charter structure; under these contracts, the customer typically pays the voyage expenses, unlike voyage charters where the ship-owner covers them.

Direct negotiation is how extensions and new fixtures are secured, showing the value of the existing commercial relationship. The recent extension with Weco Tankers A/S for the M/T Eco Marina Del Ray is a perfect example of this. This negotiation secured a continuation of their commercial arrangement for this 50,000 dwt MR Product Tanker.

Here's the quick math on that specific, recent customer commitment:

Charter Metric	Value/Term
Charterer	Weco Tankers A/S
Vessel	M/T Eco Marina Del Ray (50,000 dwt MR)
Extension Term	Three years
Daily Hire Rate	$18,250
Expected Gross Revenue Backlog	$20.0 million
Bareboat Charter Back Term (Post-Refinancing)	Seven years
Bareboat Monthly Installment (M/T Eco Marina Del Ray)	$0.18 million

Also, remember that Top Ships Inc. has demonstrated success in securing other long-duration contracts, which speaks to their broader customer appeal. For example, two other MRs secured 7-year time charters starting August 1, 2024, at a gross daily hire rate of $19,500, which was a 12% increase from the prior rate, with an expected revenue generation of approximately $100 million for the firm period. The charterers for those vessels retain an option to extend for an additional two years. If onboarding takes 14+ days, churn risk rises, but these long-term fixtures suggest very low near-term churn risk for these specific vessels.

The relationships are characterized by securing long-term employment for their modern, fuel-efficient ECO tanker vessels. The structure of the bareboat charter-back agreements following the November 2025 refinancing also defines a long-term financial relationship with the financier, which indirectly supports the operational customer relationships. For the M/T Eco Marina Del Ray, the bareboat charter-back term is seven years, with a purchase obligation of $13.0 million at expiry. This defintely shows a long-term view on asset deployment.

• Secured 7-year time charters for two MRs at $19,500/day.
• Recent extension with Weco Tankers A/S for three years at $18,250/day.
• Last Twelve Months Revenue: $87.87 million.
• Gross Profit Margin: 63.45%.
• Fleet utilization was 100.00% in 2023.

Finance: draft 13-week cash view by Friday.

Top Ships Inc. (TOPS) - Canvas Business Model: Channels

You're looking at how Top Ships Inc. (TOPS) gets its services-deep sea foreign transportation of oil and chemical products-to its customers and keeps financial stakeholders informed. The channels here are less about a retail storefront and more about high-value, direct contractual relationships, supported by digital transparency.

Direct sales and negotiation with major oil companies and traders form the core of how Top Ships Inc. secures revenue. This involves direct engagement with entities that need to move crude oil, petroleum products, or bulk liquid chemicals. The success of this channel is visible in the firm's contracted revenue pipeline. As of June 30, 2025, the fixed revenue backlog for the firm time charter period, which includes 50% of their joint venture vessels, stood at about $264 million. This backlog is a direct result of successful, long-term negotiations.

For market access and fixture execution, Top Ships Inc. relies on shipbrokers and chartering agents. These intermediaries connect the company with the market for securing contracts, especially for vessels coming off charter. For instance, the company's Suezmax tanker, the M/T Eco Oceano CA, is on a 15-year charter with CENTRAL TANKERS CHARTERING INC., a chartering entity, with the firm charter period expiring in Q1 2037. Other key charterers secured through these market access points include WECO, CLEARLAKE, and TRAFIGURA. The nature of these deals means brokers are defintely key to finding the right counterparty for the right duration.

The current operational deployment and associated contractual commitments, which are the output of these sales channels, can be summarized like this:

Vessel Type	Vessel Name	DWT	Charterer	Firm Charter Expiry	Monthly Bareboat Hire (Post-Refinance)
MR2	ECO MARINA DEL REY	50,267	WECO	Q2 2027	$0.18 million (7-year SLB)
MR2	ECO YOSEMITE PARK	50,000	CLEARLAKE	Q3 2031	N/A
Suezmax	ECO OCEANO CA	157,286	CENTRAL TANKERS CHARTERING INC.	Q1 2037	$0.18 million (10-year SLB)
VLCC	JULIUS CAESAR	300,000	TRAFIGURA	Q1 2028	$0.25 million (10-year SLB)

For financial stakeholders, the corporate website and investor relations serve as the primary channel for ongoing communication outside of mandatory filings. You can see the company's commitment to accessibility there. For example, shareholders wanting a hard copy of the latest complete audited financial statements can request one by emailing info@topships.org, free of charge. The company's leadership, including CEO Evangelos J. Pistiolis and CFO Alexandros Tsirikos, use these platforms to communicate strategic moves, such as the November 2025 closing of sale and leaseback financing agreements (SLBs) which released gross proceeds of about $27.2 million.

Transparency on the fleet and contracts is enforced through public filings (SEC). These filings are non-negotiable channels for regulatory compliance and investor information. In November 2025, Top Ships Inc. filed proxy materials for its 2025 Annual Meeting of Shareholders as exhibits to a Form 6-K report. Furthermore, the financial performance data is regularly updated; for the twelve months ending June 30, 2025, the company reported total revenue of $87.87 million and a net profit of $10.66 million. Following the November 2025 refinancings, the company stated the leverage of the fleet remains at a conservative level of about 52%. You can track these documents on the SEC's EDGAR database, or via the company's site, which also lists XBRL data back to December 2014.

• The company operates a fleet with an average age of 4.3 years old as of late 2025.
• The latest reported revenue for the first half of 2025 was $43.81 million.
• The purchase obligation at the expiry of the bareboat charters for the two VLCCs is $38.5 million per vessel.
• The interest rate on the recent Financing Agreements is 3-month term SOFR plus a margin of 1.95% per annum.

Finance: draft 13-week cash view by Friday.

Top Ships Inc. (TOPS) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Top Ships Inc. (TOPS) as of late 2025, which is heavily concentrated around securing long-term, contracted revenue streams from established players in the global energy and commodity markets.

• Major international crude oil companies
• Refined petroleum product importers and exporters
• Global commodity trading houses
• High-quality counterparties seeking long-term, fixed-rate vessel employment

The business model centers on chartering out its fleet of modern, fuel-efficient ECO tanker vessels, which transport crude oil, petroleum products (clean and dirty), and bulk liquid chemicals. This focus on contracted employment is key, as evidenced by recent operational milestones.

For instance, on November 20, 2025, Top Ships Inc. announced a three-year extension of a time charter with Weco Tankers A/S for its 50,000 dwt MR product tanker, M/T Eco Marina Del Ray. This specific contract secured a daily rate of $18,250 and established a total gross revenue backlog of $20.0 million tied directly to those new charter terms. This kind of secured revenue stream is what drives the financial stability reflected in the TTM revenue of $87.87M for the period ending June 30, 2025.

The company's fleet deployment strategy, which includes vessels like the two 300,000 dwt VLCC tankers (M/Ts Julius Caesar and Legio X Equestris) and the M/T Eco Oceano, is often structured through sale and leaseback agreements with financiers, but the underlying customer base for the cargo remains the energy majors and traders. The recent refinancing deals, which released gross proceeds of about $27.2 million, underscore the value placed on these assets by financial counterparties, even as the operational customers drive the top-line performance.

The customer base is directly linked to the company's financial scale, with a market capitalization hovering around $27.90M as of early December 2025, and a Price-Earnings ratio of 2.64. The net profit for the twelve months ending June 30, 2025, was $10.66 million, which is a direct result of securing employment with these high-caliber segments.

Here's a look at the contractual and financial metrics associated with the vessel employment that defines these customer relationships:

Vessel Type/Contract Type	Example Counterparty	Contract Duration/Type	Associated Rate/Value
MR Product Tanker Time Charter Extension	Weco Tankers A/S	Three-year extension	Daily Rate: $18,250
MR Product Tanker Bareboat Charter (Post-Refinance)	Major Chinese Financier (Lessee)	Seven years	Monthly Hire: $0.18 million
VLCC Tanker Bareboat Charter (Post-Refinance)	Major Chinese Financier (Lessee)	Ten years	Monthly Hire: $0.25 million per vessel
Overall Financial Metric (H1 2025)	Revenue Base	Six Months Ended June 30, 2025	Revenue: $43.81M

The company's ability to secure long-term bareboat charter-back arrangements, such as the ten-year terms for the VLCCs, demonstrates the appetite from high-quality financial counterparties for stable, long-duration cash flows derived from the energy transport sector. This structure helps Top Ships Inc. manage risk while servicing the core cargo needs of the energy majors.

• The focus is on securing employment via time charters, which lock in daily rates.
• The fleet composition includes VLCC, Suezmax (post-spin-off), and MR Product Tankers.
• The company's TTM revenue as of June 30, 2025, was $87.87M.
• The fleet leverage post-refinancing was stated to be at a conservative level of about 52%.

Top Ships Inc. (TOPS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Top Ships Inc. (TOPS) operations as of late 2025. The structure is heavily influenced by the capital-intensive nature of owning and operating a tanker fleet, especially given the current leverage levels. Honestly, the debt load is the first thing that jumps out when mapping these costs.

High debt servicing costs due to significant leverage are a noted financial risk. As of June 29, 2025, the company carried $265.892 million in total debt against $127.137 million in total shareholder equity, resulting in a debt-to-equity ratio of 209.1%. This high leverage directly translates into substantial financing costs that must be covered before any profit lands on the bottom line.

Vessel operating expenses (OPEX) are a core, recurring cost. These cover the day-to-day running of the fleet, which, as of late 2024, consisted of one product/chemical tanker, five Suezmax tankers, two very large crude carriers, and two product tankers. These costs include crewing, maintenance, insurance, and lubricants. While the search results don't isolate pure OPEX, the Cost of Revenue for the trailing twelve months (TTM) ending June 30, 2025, was $32.12 million.

For regulatory compliance, you have to budget for vessel upkeep. All dry-docking and special survey costs are expensed in the period incurred, meaning these lumpy, non-routine costs hit the income statement immediately when they occur, rather than being spread out over time. You need to keep an eye on the schedule for the ten vessels to anticipate these large, periodic cash outflows.

General and administrative (G&A) expenses represent the corporate overhead required to run the business outside of direct vessel operations. For the TTM ending June 30, 2025, Selling, General & Admin expenses were reported at $10.06 million.

The cost of financing the asset base is significant. The Interest Expense for the TTM period ending June 30, 2025, was $-19.16 million. To put that in perspective against earnings before interest and taxes (EBIT), the Interest Coverage Ratio stood at only 1.7x, meaning EBIT of $31.86 million barely covered interest payments.

Here's a quick look at the key cost-related financial figures for the TTM ending June 30, 2025 (amounts in millions USD):

Cost Metric / Financial Item	Amount (USD Millions)	Context / Date
Interest Expense	19.16	TTM ending Jun 30, 2025
Selling, General & Admin	10.06	TTM ending Jun 30, 2025
Cost of Revenue	32.12	TTM ending Jun 30, 2025
Total Operating Expenses	23.89	TTM ending Jun 30, 2025
EBIT	31.86	TTM ending Jun 30, 2025
Total Debt	265.892	As of Jun 29, 2025
Debt to Equity Ratio	209.1%	As of Jun 29, 2025
Interest Coverage Ratio	1.7x	TTM ending Jun 30, 2025

The structure shows that financing costs are a major fixed-like cost component you must factor in. Finance: review the amortization schedule for the fees related to the refinancing announced in November 2025 by next Tuesday.

Top Ships Inc. (TOPS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Top Ships Inc. brings in money, which is almost entirely tied to its modern tanker fleet. The primary revenue driver is, as you'd expect, time charter hire revenue from its vessels transporting crude oil, petroleum products, and bulk liquid chemicals to major oil companies and traders.

Let's look at the hard numbers from the latest filing. Top Ships Inc. reported gross revenue of $43.81 million for the six months that ended on June 30, 2025. To give you context on the run rate, the revenue for the trailing twelve months ending June 30, 2025, was $87.87 million.

Securing long-term contracts locks in future cash flow, which is key for stability. Just recently, in November 2025, Top Ships Inc. announced an extension on the time charter for its 50,000 dwt MR Product Tanker, the M/T Eco Marina Del Ray, with Weco Tankers A/S. This three-year extension, set at a daily rate of $18,250, is expected to generate a total gross revenue backlog of $20.0 million.

The company has also executed a strategic move that impacts future revenue potential outside of direct chartering. Following the diversification strategy, the spin-off of Rubico Inc. represents a shift in asset structure. As part of that transaction, Rubico expected to raise $1.5 million through a concurrent private placement of its common shares, which is capital that will be managed by the new entity.

The spin-off of Rubico Inc. itself is a major event impacting potential gains, effectively monetizing a portion of the fleet. This transaction involved transferring two modern, high specification, scrubber-fitted 157,000 dwt Suezmax tankers, the M/T Eco Malibu and M/T Eco West Coast, to the newly independent, Nasdaq-listed company, which began trading under the ticker RUBI in August 2025. Top Ships Inc. securityholders received 100% of Rubico's common shares on a pro rata basis, specifically one Rubico share for every two Top Ships shares held as of the June 16, 2025, record date.

Here's a quick look at the key revenue-related figures we have for the period ending mid-2025:

Financial Metric	Amount	Period/Context
Gross Revenue	$43.81 million	Six Months Ended June 30, 2025
Revenue (TTM)	$87.87 million	Twelve Months Ended June 30, 2025
Annual Revenue	$86.13 million	Fiscal Year 2024
Specific Charter Extension Backlog	$20.0 million	M/T Eco Marina Del Ray Extension (Announced Nov 2025)
Rubico Private Placement Proceeds	$1.5 million	Condition for Spin-Off

The revenue stream is heavily dependent on securing favorable time charters for its eco-tanker fleet. The company's operational focus remains on maximizing the daily charter rates for its assets.

• Primary Revenue Source: Time charter hire from tanker fleet.
• Vessels Spun-Off to Rubico Inc.: M/T Eco Malibu and M/T Eco West Coast.
• Rubico Listing Venue: Nasdaq Capital Market.
• Charter Rate for New Extension: $18,250 per day.
• Distribution Ratio for Spin-Off: One Rubico share per two TOPS shares.