Latest news with #Suezmax
Business Upturn
a day ago
- Business
- Business Upturn
TOP Ships Inc. Announces Ex-Distribution Date for Planned Spin-Off of Rubico, a New Nasdaq-Listed Suezmax Tanker Company
ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) — TOP Ships Inc. (the 'Company' or 'TOP Ships') (NYSE American:TOPS), an international owner and operator of modern, fuel-efficient 'ECO' tanker vessels, announced today that the NYSE American (the 'NYSE') has established an ex-distribution date for the previously-announced proposed spin-off of two of its Suezmax tanker vessels. Rubico Inc. ('Rubico'), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025. The NYSE has established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares will trade without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off. TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares or warrants. TOP Ships expects that approximately 3,057,337 Rubico common shares will be distributed in the Spin-Off at an assumed distribution ratio of one Rubico common share for every two TOP Ships common shares held by TOP Ships common shareholders (and warrantholders on an as-exercised basis) at the close of business on June 16, 2025. However, such distribution ratio will depend on the number of TOP Ships common shares outstanding, as well as the number of common shares into which outstanding TOP Ships common stock purchase warrants are exercisable, on June 16, 2025, the record date for the spin-off distribution. Concurrently and conditioned on the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share. Rubico has filed a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico's common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico is available at The information in the filed registration statement on Form 20-F is not final and remains subject to change. About TOP Ships Inc. 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. For more information about TOP Ships Inc., visit its website: Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico's common shares on the Nasdaq Capital Market. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'may,' 'should,' 'expect,' 'pending,' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships +30 210 812 8107 Email: [email protected]
Yahoo
a day ago
- Business
- Yahoo
TOP Ships Inc. Announces Ex-Distribution Date for Planned Spin-Off of Rubico, a New Nasdaq-Listed Suezmax Tanker Company
ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the 'Company' or 'TOP Ships') (NYSE American:TOPS), an international owner and operator of modern, fuel-efficient 'ECO' tanker vessels, announced today that the NYSE American (the 'NYSE') has established an ex-distribution date for the previously-announced proposed spin-off of two of its Suezmax tanker vessels. Rubico Inc. ('Rubico'), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025. The NYSE has established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares will trade without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off. TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares or warrants. TOP Ships expects that approximately 3,057,337 Rubico common shares will be distributed in the Spin-Off at an assumed distribution ratio of one Rubico common share for every two TOP Ships common shares held by TOP Ships common shareholders (and warrantholders on an as-exercised basis) at the close of business on June 16, 2025. However, such distribution ratio will depend on the number of TOP Ships common shares outstanding, as well as the number of common shares into which outstanding TOP Ships common stock purchase warrants are exercisable, on June 16, 2025, the record date for the spin-off distribution. Concurrently and conditioned on the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share. Rubico has filed a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico's common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico is available at The information in the filed registration statement on Form 20-F is not final and remains subject to change. About TOP Ships Inc. 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. For more information about TOP Ships Inc., visit its website: Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico's common shares on the Nasdaq Capital Market. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'may,' 'should,' 'expect,' 'pending,' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships +30 210 812 8107Email: atsirikos@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
TOP Ships Inc. Announces Intention to Spin Off a New Nasdaq-Listed Suezmax Tanker Company
ATHENS, Greece, June 04, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the 'Company' or 'TOP Ships') (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient 'ECO' tanker vessels, announced today that it intends to effect a spin-off of two of its Suezmax tanker vessels. Rubico Inc. ('Rubico'), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico to its securityholders of record as of June 16, 2025. The distribution of common shares of Rubico is expected to be made on or around June 30, 2025. Following the spin-off, there are expected to be no overlapping board members or executive officers between Rubico and TOP Ships. In the spin-off distribution, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to the common shareholders of TOP Ships and to all holders of outstanding common stock purchase warrants of TOP Ships on an as-exercised basis. TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares. TOP Ships common shareholders (and warrantholders on an as-exercised basis) will receive one Rubico common share for every two TOP Ships common shares held at the close of business on June 16, 2025, the record date for the distribution. Fractional common shares of Rubico will not be distributed. Instead, the distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing rates promptly after Rubico's common shares commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional common shares in the distribution. In connection with the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share. The private placement will be conditioned on and is expected to close concurrently with the spin-off distribution. Rubico will file a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico's common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico will be available at About TOP Ships Inc. 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. For more information about TOP Ships Inc., visit its website: Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico's common shares on the Nasdaq Capital Market. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'may,' 'should,' 'expect,' 'pending,' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships +30 210 812 8107Email: atsirikos@ in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Crude Oil Carrier Market Trends, Opportunities, and Forecast, 2020-2024 & 2025-2030: Eco-Friendly and Energy-Efficient Innovations Fuel Expansion, Navigating through Innovation and Sustainability
The key market opportunities in the Crude Oil Carrier Market include growing global demand for efficient, large-capacity vessels due to rising crude oil trade and regional production disparities. There's also a strong push for eco-friendly, energy-efficient ships driven by regulatory mandates and environmental awareness, fostering innovation and technological advancements. Crude Oil Carrier Market Dublin, June 03, 2025 (GLOBE NEWSWIRE) -- The "Crude Oil Carrier Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" has been added to offering. The Crude Oil Carrier Market was valued at USD 221.35 Billion in 2024, and is expected to reach USD 461.30 Billion by 2030, rising at a CAGR of 12.85% This market encompasses the design, construction, and operation of specialized vessels used to transport crude oil across international waters. These vessels are vital to the global energy infrastructure, facilitating the bulk movement of crude oil from production regions to refineries and end markets. Key carrier classes - VLCCs, ULCCs, Suezmax, and Aframax tankers - are engineered for capacity optimization, fuel efficiency, and compliance with international safety and environmental regulations. The growing scale of global crude oil trade, combined with the need for efficient, large-volume transportation solutions, is driving sustained investment in this market. As international energy demand persists - especially in emerging economies - alongside complex trade routes and regional production disparities, the market is poised for strong growth supported by technological innovation and environmental compliance initiatives. Growing Global Crude Oil Demand and Trade Volumes A key factor driving the crude oil carrier market is the persistent global demand for crude oil, which fuels increased cross-border trade volumes. Despite efforts to shift towards renewable energy, crude oil remains a critical energy source, especially in rapidly developing regions such as Asia-Pacific. Industrial growth, urban expansion, and rising populations in countries like China and India are driving energy needs that outpace domestic production capabilities. This imbalance necessitates larger, more frequent crude oil imports. As a result, oil-exporting nations and shipping companies are expanding their fleets to support uninterrupted supply chains. Furthermore, long-haul routes from regions like the Middle East and West Africa to major consuming nations increase the need for large-capacity, long-range crude carriers. Geopolitical factors and regional supply-demand disparities continue to support high levels of seaborne crude transport, reinforcing the strategic importance of a robust crude oil carrier fleet. Stringent Environmental Regulations and Compliance Costs The crude oil carrier industry is under pressure from increasingly strict environmental regulations aimed at minimizing the ecological footprint of maritime operations. Rules such as the IMO 2020 sulfur cap, ballast water management protocols, and GHG emission limits require significant investment in compliant technologies and fuels. Operators are compelled to retrofit existing fleets or commission new vessels with environmentally sound features like scrubbers or alternative propulsion systems. These regulatory demands drive up capital and operational expenditures and can deter investment from smaller operators. The need for LNG-ready ships, hybrid systems, and port infrastructure capable of supporting clean fuel technologies adds further complexity. Additionally, inconsistent enforcement across regions creates logistical uncertainty. Non-compliance risks, including fines, detentions, and insurance penalties, heighten the operational burden and risk profile of the sector, making regulatory navigation a formidable challenge for industry players. Increasing Adoption of Eco-Friendly and Energy-Efficient Vessels An emerging trend in the crude oil carrier market is the accelerated shift toward environmentally sustainable and energy-efficient vessels. Driven by global regulatory mandates and environmental awareness, shipowners are investing in dual-fuel engines, scrubbers, and clean propulsion technologies such as LNG and methanol. The adoption of energy-saving systems - such as advanced hull coatings, air lubrication, and optimized propellers - enhances fuel efficiency and reduces emissions. This movement is further supported by the digitalization of maritime operations through real-time performance monitoring and predictive maintenance systems. Charterers and stakeholders are increasingly prioritizing ESG compliance, prompting shipowners to align with sustainable shipping standards. Although these advancements require significant upfront capital, the long-term operational savings and regulatory benefits make green vessels a strategic asset. As environmental accountability becomes central to maritime logistics, demand for efficient and compliant crude oil carriers is set to rise, driving innovation across the industry. Key Attributes: Report Attribute Details No. of Pages 180 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $221.35 Billion Forecasted Market Value (USD) by 2030 $461.3 Billion Compound Annual Growth Rate 12.8% Regions Covered Global Report Scope Key Market Players China COSCO Shipping Corporation Limited China Merchants Group Limited Angelicoussis Group Teekay Corporation Tsakos Group Minerva Marine Inc. Nordic American Tankers Limited Kuwait Oil Tanker Co. S.A.K. SFL Corporation Ltd Taiyo Cabletec Corporation Crude Oil Carrier Market, By Type: Deposit Control Antioxidant Corrosion Corrosion Inhibitors Others Crude Oil Carrier Market, By Application: Diesel Gasoline Aviation Turbine Fuel Others Crude Oil Carrier Market, By Region: North America United States Canada Mexico Europe France United Kingdom Italy Germany Spain Asia-Pacific China India Japan Australia South Korea South America Brazil Argentina Colombia Middle East & Africa South Africa Saudi Arabia UAE Kuwait Turkey For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Crude Oil Carrier Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
Frontline CEO Says Tanker Industry 'Maintains Business As Usual' Amid Uncertainty
Frontline Plc (NYSE:FRO) shares are trading higher on Friday. The company reported revenue of $427.9 million, surpassing the $264.2 million consensus. Adjusted EPS declined to 18 cents from 62 cents a year ago, missing the consensus of 23 cents. The company's reported spot time charter equivalent earnings (TCEs) for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $37,200 (vs. $48,100 last year), $31,200 (vs. $45,800 last year) and $22,300 (vs. $54,300 prior year) per day. At the close of the first quarter of 2025, contracted ballast days totaled 887 for VLCCs, 306 for Suezmax tankers, and 216 for LR2/Aframax of March 31, 2025, the company owned a fleet of 81 vessels, including 41 VLCCs, 22 Suezmax tankers, and 18 LR2/Aframax tankers, with a total capacity of approximately 17.8 million DWT. Net operating income for the quarter declined to $93.2 million from $251.3 million a year ago. Operating cash flow was $137.9 million in the first quarter, compared to $171.3 million in the same quarter a year ago. The company held cash and cash equivalents of $436.5 million at the end of the quarter. The Board declared a $0.18 per share dividend for the first quarter, payable on or about June 24, 2025, with a record date of June 12, 2025. Lars H. Barstad, CEO of Frontline Management AS, said, 'The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace.' 'Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys.' 'Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet,' Barstad added. Inger M. Klemp, CFO of Frontline Management AS, said, 'Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates.' Frontline expects spot TCEs for the second quarter of 2025 to be lower than the spot TCEs currently contracted, primarily due to the impact of ballast days. Investors can gain exposure to the stock via SonicShares Global Shipping ETF (NYSE:BOAT). Price Action: FRO shares are trading higher by 3.90% to $17.85 at last check Friday. Read Next:Photo by Faraways via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? FRONTLINE (FRO): Free Stock Analysis Report This article Frontline CEO Says Tanker Industry 'Maintains Business As Usual' Amid Uncertainty originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
