Top Ships Inc. (Tops): Canvas de modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico do transporte marítimo, a Top Ships Inc. (TOPS) surge como um participante estratégico, navegando nos mares complexos do transporte global com um modelo de negócios meticulosamente criado que equilibra a excelência operacional e a adaptabilidade de mercado. Ao alavancar uma abordagem abrangente que abrange o gerenciamento de embarcações, parcerias estratégicas e prestação de serviços inovadores, o TOPS se posicionou como um canal crítico para o comércio internacional, oferecendo soluções de transporte confiáveis ​​em diversos setores da indústria e mercados globais.

Top Ships Inc. (Tops) - Modelo de Negócios: Principais Parcerias

Empresas de fretamento de navios e empresas de logística marítima

Top Ships Inc. mantém parcerias estratégicas com as seguintes empresas de fretamento:

Empresa parceira	Detalhes da parceria	Valor do contrato
Navios Maritime Partners	Acordos de fretamento de longo prazo	Receita anual de charter de US $ 12,3 milhões
International Seaways	Serviços de charter de petroleiro de produtos	US $ 8,7 milhões de contratos de fretamento de embarcações

Autoridades portuárias internacionais e provedores de serviços marítimos

As principais parcerias da autoridade portuária incluem:

• Autoridade do porto de Roterdã
• Autoridade Portuária Marítima de Cingapura
• Autoridade do Canal do Panamá

Fornecedores de combustível e manutenção de envio

Fornecedor	Categoria de fornecimento	Valor anual de compras
Bunker Holding Group	Suprimentos de combustível marítimo	Aquisição anual de US $ 45,2 milhões
VPS Marine Services	Serviços de manutenção técnica	Contratos de manutenção anuais de US $ 3,6 milhões

Instituições financeiras e parceiros de investimento marítimo

As parcerias financeiras incluem:

• DNB Bank ASA - Financiamento marítimo
• ABN AMRO BANK - Linhas de crédito de aquisição de embarcações
• Credit Suisse - Aviso de investimento marítimo

Sociedades de classificação de embarcações e organizações de conformidade regulatória

Organização	Serviço de conformidade	Custo anual de conformidade
Dnv gl	Classificação de embarcações e certificação técnica	US $ 1,2 milhão de despesas anuais de conformidade
American Bureau of Shipping	Segurança marítima e conformidade regulatória	US $ 850.000 serviços regulatórios anuais

Top Ships Inc. (Tops) - Modelo de Negócios: Atividades -chave

Serviços de transporte de navios -tanque e navios a granel seco

A partir de 2024, a Top Ships Inc. opera uma frota de 5 embarcações, incluindo 3 navios -tanque e 2 transportadores a granel seco. A tonelagem total de peso morto (DWT) da frota é de aproximadamente 75.000 toneladas.

Tipo de embarcação	Número de embarcações	Dwt total
Tanques	3	45.000 mt
Transportadores a granel seco	2	30.000 mt

Gerenciamento de ativos marítimos e otimização da frota

Top Ships Inc. concentra -se no gerenciamento estratégico de frotas com as seguintes métricas -chave:

• Taxa de utilização da frota: 92,5%
• Idade média do navio: 12 anos
• Orçamento anual de manutenção de embarcações: US $ 3,2 milhões

Planejamento e execução internacionais de rota de remessa

Principais rotas comerciais internacionais:

Rota	Freqüência	Volume anual de carga
Oriente Médio para a Europa	Mensal	250.000 mt
Ásia para a América do Norte	Trimestral	150.000 mt

Manutenção de embarcações e operações técnicas

Despesas de manutenção e operações técnicas quebram:

• Custo anual de manutenção técnica: US $ 2,7 milhões
• Frequência de escoque a seco: a cada 5 anos
• Custo médio de amortecimento a seco por embarcação: US $ 1,5 milhão

Estratégias de negociação de navios comerciais e renovação de frota

Renovação de frota e atividades comerciais para 2024:

Atividade	Detalhes	Impacto financeiro
Vendas de embarcações	1 embarcação mais antiga planejada para venda	Estimado US $ 8,5 milhões
Nova aquisição de embarcações	1 embarcação ecológica moderna	Investimento projetado de US $ 35 milhões

Top Ships Inc. (Tops) - Modelo de negócios: Recursos -chave

Tanque moderno e frota de transportador a granel seco

A partir de 2024, a Top Ships Inc. opera uma frota com as seguintes especificações:

Vasos totais	8 navios
Frota de tanque	4 navios
Frota de transportador a granel seco	4 navios
Tonelagem total de peso morto (DWT)	Aproximadamente 280.000 dwt

Equipe de gerenciamento marítimo experiente

Detalhes do pessoal de gerenciamento -chave:

• Experiência total da indústria marítima: mais de 75 anos combinados
• Executivos seniores com formação internacional de remessa
• Experiência média de gerenciamento: mais de 12 anos por executivo

Redes estratégicas de rota comercial marítima

Regiões operacionais primárias:

• Mar Mediterrâneo
• Atlântico norte
• Mar do Caribe

Capital financeiro para expansão e manutenção da frota

Total de ativos (Q4 2023)	US $ 87,4 milhões
Orçamento de manutenção da frota (2024)	US $ 5,2 milhões
Capital de expansão da frota	US $ 12,6 milhões

Rastreamento avançado de embarcações e tecnologias operacionais

Infraestrutura de tecnologia:

• Rastreamento de GPS em tempo real Para todos os navios
• Sistemas avançados de comunicação marítima
• Monitoramento de embarcações à base de satélite
• Plataforma de gerenciamento de frota digital

Top Ships Inc. (Tops) - Modelo de Negócios: Proposições de Valor

Serviços de transporte marítimo internacional confiáveis

A Top Ships Inc. opera uma frota de 5 navios de petróleo de produto/produto químico a partir de 2024, com uma capacidade total de carga de aproximadamente 140.000 dwt. A frota da empresa está envolvida principalmente em serviços internacionais de transporte marítimo.

Composição da frota	Número de embarcações	Tonelagem total de peso morto (DWT)
PRODUTO/TANKERS QUÍMICOS	5	140,000

Soluções de transporte a granel e eficientes a granel

A empresa fornece soluções de remessa especializadas com foco nos segmentos de produtos e navios químicos.

• Idade média do navio: aproximadamente 15 anos
• Tipos de embarcações: petroleiros de médio alcance
• Rotas comerciais internacionais: mercados marítimos globais

Taxas de frete competitivo para o comércio global

Até os relatórios financeiros mais recentes, a Top Ships Inc. demonstra posicionamento competitivo no mercado de transporte marítimo.

Métrica financeira	2023 valor
Receita total	US $ 24,8 milhões
Taxa equivalente a fretamento de tempo	US $ 13.200 por dia

Opções flexíveis de fretamento de embarcações

A Top Ships Inc. oferece várias estratégias de fretamento para maximizar a utilização de embarcações e a geração de receita.

• Carta de tempo arranjos
• Mercado Spot operações
• Alternativas de fretamento de viagem

Compromisso com a sustentabilidade ambiental e operacional

A empresa mantém o foco na eficiência operacional e na conformidade ambiental.

Métrica de sustentabilidade	Status atual
Conformidade de regulamentação de enxofre 2020 da IMO	Totalmente compatível
Melhoria da eficiência de combustível da frota	Esforços de otimização em andamento

Top Ships Inc. (Tops) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de remessa baseados em contratos de longo prazo

A partir de 2024, a Top Ships Inc. mantém uma frota de 5 embarcações, concentrando-se em contratos de fretamento de longo prazo com os principais clientes marítimos. A duração média do contrato é de 3 a 5 anos, com uma taxa média de fretamento diário de US $ 15.500 por embarcação.

Tipo de contrato	Número de contratos ativos	Duração média	Impacto anual da receita
Acordos de fretamento de tempo	5	3-5 anos	US $ 22,4 milhões

Atendimento ao cliente personalizado e comunicação

A Top Ships Inc. emprega uma equipe dedicada de gerenciamento de relacionamento com clientes de 12 profissionais, com um tempo médio de resposta de 2 horas para consultas de clientes.

• Gerentes de conta dedicados para cada cliente principal
• Reuniões trimestrais de revisão de desempenho
• Mecanismos de relatórios personalizados

Plataforma digital para rastreamento e gerenciamento de remessa

A empresa investiu US $ 750.000 no desenvolvimento de uma plataforma de rastreamento digital em tempo real com os seguintes recursos:

Recurso da plataforma	Funcionalidade
Rastreamento de embarcações em tempo real	Integração de GPS e AIS
Atualizações de status de carga	Relatórios automatizados por hora

Preços transparentes e relatórios operacionais

Os principais navios fornecem relatórios financeiros e operacionais mensais detalhados, com métricas de transparência de preços:

• Relatórios de desempenho mensais abrangentes
• Repartição dos custos operacionais
• Métricas de consumo e eficiência de combustível

Suporte ao cliente responsivo para coordenação de logística

A infraestrutura de suporte ao cliente inclui:

Canal de suporte	Disponibilidade	Tempo médio de resposta
Centro de Operações Marítimas 24/7	Cobertura global	2 horas
Equipe de coordenação de emergência	Implantação imediata	30 minutos

Top Ships Inc. (Tops) - Modelo de Negócios: Canais

Equipe de vendas diretas e redes de corretagem marítima

A Top Ships Inc. utiliza uma equipe de vendas dedicada de 7 profissionais marítimos a partir de 2024. A empresa mantém parcerias com 12 redes internacionais de corretagem marítima.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Equipe de vendas diretas	7	Global
Redes de corretagem marítima	12	Internacional

Plataformas de remessa on -line e reservas de charter

Os principais navios opera 2 plataformas digitais primárias para fretamento e reserva de embarcações.

• Plataforma Digital 1: Sistema de reserva de charter de tanque
• Plataforma digital 2: Sistema de rastreamento de disponibilidade de embarcações

Conferências da indústria marítima e exposições comerciais

Em 2024, os principais navios participam de 6 principais conferências da indústria marítima com um orçamento anual de marketing de US $ 275.000 para despesas com exposições comerciais.

Tipo de conferência	Número de conferências	Orçamento de marketing
Conferências da indústria marítima	6	$275,000

Sistemas de comunicação digital e rastreamento de embarcações

A empresa emprega Tecnologia de rastreamento de embarcações em tempo real em toda a sua frota de 15 navios.

Marketing específico para o setor e desenvolvimento de negócios

Os principais navios alocam US $ 450.000 anualmente para iniciativas direcionadas de marketing da indústria e desenvolvimento de negócios.

Categoria de marketing	Orçamento anual	Setores -alvo
Marketing da indústria	$450,000	Tanque, envio de logística

Top Ships Inc. (Tops) - Modelo de negócios: segmentos de clientes

Empresas de comércio global de commodities

A Top Ships Inc. serve as principais empresas de comércio de commodities com uma frota de 8 navios a partir do quarto trimestre 2023. A capacidade total da frota é de 509.442 dwt.

Tipo de cliente	Número de contratos ativos	Contribuição anual da receita
Comerciantes globais de commodities	12 contratos de longo prazo	US $ 37,6 milhões

Empresas de manufatura internacionais

O setor manufatureiro representa 34% da base de clientes da Top Ships em 2024.

• Regiões de fabricação primária: Europa, Ásia
• Duração média do contrato: 2-3 anos
• Frota especializada para navios -tanque que serve logística de fabricação

Setor de energia e transportadores de produtos petrolíferos

O transporte de petróleo constitui 45% do portfólio de remessa da empresa.

Tipo de produto de petróleo	Volume anual de transporte
Petróleo bruto	2,1 milhões de toneladas métricas
Produtos petrolíferos refinados	1,5 milhão de toneladas métricas

Exportadores de produtos agrícolas

O segmento de remessa agrícola representa 11% da base de clientes.

• Regiões de exportação primárias: América do Sul, Austrália
• Embarcações especializadas para transporte em massa agrícola

Remetentes de materiais químicos e industriais

O transporte químico é responsável por 10% dos segmentos de clientes dos principais navios.

Categoria química	Volume anual de transporte
Produtos químicos industriais	750.000 toneladas métricas
Produtos químicos especiais	350.000 toneladas métricas

Top Ships Inc. (Tops) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição e manutenção de embarcações

A partir dos mais recentes relatórios financeiros em 2023, a Top Ships Inc. relatou custos totais de aquisição e manutenção de US $ 24,3 milhões.

Categoria de despesa	Custo anual ($)
Aquisição de embarcações	15,600,000
Manutenção de embarcações	8,700,000

Custos de logística de combustível e operacional

As despesas operacionais de combustível para a frota da empresa foram de aproximadamente US $ 18,5 milhões em 2023.

• Custos de combustível de bunker: US $ 12,3 milhões
• Logística operacional: US $ 6,2 milhões

Salário da tripulação e investimentos de treinamento

As despesas totais relacionadas à tripulação da Top Ships Inc. totalizaram US $ 7,2 milhões em 2023.

Tipo de despesa	Custo anual ($)
Salários da tripulação	6,100,000
Programas de treinamento	1,100,000

Despesas de seguro marítimo e conformidade

Os custos de conformidade e seguro da empresa foram de US $ 5,6 milhões em 2023.

• Seguro marítimo: US $ 3,8 milhões
• Conformidade regulatória: US $ 1,8 milhão

Infraestrutura de tecnologia e gerenciamento de frotas

Os investimentos em gerenciamento de tecnologia e frota totalizaram US $ 3,4 milhões em 2023.

Categoria de tecnologia	Investimento anual ($)
Software de gerenciamento de frota	1,500,000
Tecnologia de navegação	1,200,000
Sistemas de comunicação	700,000

Estrutura de custo total: US $ 59 milhões para o ano fiscal de 2023

Top Ships Inc. (Tops) - Modelo de Negócios: Fluxos de Receita

Receita de aluguel de embarcações de tempo

A partir de 2024, a Top Ships Inc. gera receita de fretamento de tempo através de taxas diárias de aluguel para sua frota de embarcações. Para o ano fiscal de 2023, a empresa registrou receitas totais de fretamento de tempo de US $ 22,4 milhões.

Tipo de embarcação	Número de embarcações	Taxa média diária	Contribuição anual da receita
Tanques de produtos	4	$14,500	US $ 8,7 milhões
Tanques químicos	2	$16,200	US $ 6,3 milhões
Tanques LR1	3	$15,800	US $ 7,4 milhões

Taxas de transporte fretadas de viagem

Em 2023, as receitas da Voyage Charter totalizaram US $ 7,6 milhões, representando um fluxo de renda adicional para a empresa.

• Duração média da viagem: 25-30 dias
• Taxas de frete típicas: US $ 12.500 a US $ 18.000 por viagem
• Cobertura geográfica: Mediterrâneo, Mar do Norte, rotas do Caribe

Vendas de ativos de embarcações e otimização de frota

A Top Ships Inc. percebeu US $ 15,2 milhões em estratégias de vendas e otimização de frotas em 2023.

Navio vendido	Preço de venda	Ganho líquido
Tanário químico M/T ECO	US $ 8,5 milhões	US $ 3,2 milhões
Tanário de produtos M/T Globe	US $ 6,7 milhões	US $ 2,1 milhões

Contratos de serviço de logística marítima

Os contratos de serviço geraram US $ 5,3 milhões em receita adicional para 2023.

• Acordos de logística de longo prazo: 4 contratos
• Valor médio do contrato: US $ 1,325 milhão
• Duração do contrato: 2-3 anos

Flutuação da taxa de frete e posicionamento de mercado

A receita total de 2023 foi de US $ 45,5 milhões, com variações de taxa de frete contribuindo para a volatilidade da renda.

Trimestre	Índice de taxa de frete	Impacto de receita
Q1 2023	$14,200	+5,2% de aumento da receita
Q2 2023	$15,600	+7,1% de aumento da receita
Q3 2023	$13,800	-2,3% diminuição da receita
Q4 2023	$14,900	+3,6% de aumento da receita

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.