Top Ships Inc. (NYSE American: TOPS) entered into a sale agreement on December 31 2025 with Rubico Inc. for a vessel‑owning company that holds a shipbuilding contract for the M/Y Sanlorenzo 1150Exp, a mega‑yacht slated for delivery in the second quarter of 2027. The transaction is valued at $38 million, with Rubico paying a $4 million advance that will be credited toward the purchase price. The deal is expected to close by March 31 2026 and was approved by an independent board committee after a fairness opinion was obtained.
The sale is a key component of Top Ships’ strategy to streamline its fleet and concentrate on its core eco‑tanker business. Top Ships has long struggled with a high debt‑to‑equity ratio of 209.1 %, an interest‑coverage ratio of 1.7, and a distressed Altman Z‑Score of –0.58, all of which signal significant financial risk. By divesting a non‑core asset that requires capital to support a single mega‑yacht contract, the company can free up cash, reduce leverage, and focus resources on expanding its environmentally‑friendly tanker fleet.
Rubico Inc., which has a strong gross‑profit margin of 96.5 % and has recently extended time‑charter agreements for its eco‑tanker vessels, sees the acquisition as a way to broaden its high‑value maritime portfolio. Although Rubico’s stock has traded near its 52‑week low and has experienced sharp volatility, the purchase of the vessel‑owning company aligns with its strategy to acquire assets that generate stable, long‑term revenue streams and enhance its market position in the luxury and high‑value shipping segment.
Investors reacted positively to the announcement, reflecting confidence in the liquidity boost for Top Ships and the strategic fit for Rubico, despite the latter’s recent stock volatility.
For Top Ships, the transaction represents a tangible step toward debt reduction and operational focus, potentially improving its financial resilience in a sector where fuel costs and regulatory pressures are tightening. For Rubico, the acquisition adds a new revenue source tied to a high‑profile yacht contract, which could diversify its earnings profile and support future growth initiatives in the luxury maritime market.
The deal, closing by the end of March 2026, will see Rubico assume ownership of the vessel‑owning company and its contract for the Sanlorenzo 1150Exp, while Top Ships will retain its core eco‑tanker fleet and continue to pursue expansion in that segment. The transaction illustrates how both companies are adjusting their asset mix to align with long‑term strategic priorities and market opportunities.
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