Top Ships Stock

Top Ships Inc. operates as an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals.

The company's operating fleet has a total capacity of 1,435,000 deadweight tons (dwt). As of December 31, 2022, the company's operating fleet consisted of one 50,000 dwt product/chemical tanker, M/T Eco Marina Del Ray, five 157,000 dwt Suezmax tankers, the M/T Eco Bel Air, M/T Eco Beverly Hills, M/T Oceano CA, M/T Eco Malibu and M/T Eco West Coast, two 300,000 dwt Very Large Crude Carriers (VLCCs), M/T Julius Caesar and M/T Legio X Equestris, and it also owns 50% interest in two 50,000 dwt product tankers, M/T Eco Yosemite Park and M/T Joshua Park. All of the company's vessels are IMO-certified and are capable of carrying a wide variety of oil products, including chemical cargos.

Fleet

All the vessels in the company's fleet are equipped with engines of modern design with improved Specific Fuel Oil Consumption (SFOC) and in compliance with the latest emission requirements, fitted with energy saving improvements in the hull, propellers and rudder, as well as equipment that further reduces fuel consumption and emissions certified with an improved Energy Efficiency Design Index (Phase 2 compliance level as minimum).

Environmental and Other Regulations

A variety of government and private entities subject the company's vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard (USCG), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators.

Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the ISM Code), the company's operations are also subject to environmental standards and requirements.

The U.S. Environmental Protection Agency (EPA) and the United States Coast Guard (USCG) have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on the company's vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict its vessels from entering the U.S. Waters.

The company has obtained applicable Document of Compliance (DOC) for its offices and safety management certificates for all of its vessels. The company has obtained Anti fouling System Certificates for all of its vessels that are subject to the Anti fouling Convention.

The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the IMO), adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, the International Convention for the Safety of Life at Sea of 1974 (SOLAS Convention), and the International Convention on Load Lines of 1966 (the LL Convention) and International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW).

History

The company was founded in 2000. It was incorporated in 2000 under the laws of the Republic of the Marshall Islands. The company was formerly known as Top Tankers Inc. and changed its name to Top Ships Inc. in 2007.