TOP Ships Inc. (the “Company”), an international owner 2nd operator of modern, fuel efficient "ECO" tanker vessels, announced today that it closed the previously announced two Financing Agreements with a major Chinese Financier, for total gross proceeds of $45.8 million, in relation to the 50,000 dwt product/chemical tankers M/T Stenaweco Energy and M/T Stenaweco Evolution. The proceeds were used towards the reacquisition of the two vessels via the exercise of purchase options. The Company paid $47.9 million for the exercise of both purchase options and the term of both facilities is 10 years.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“We are very pleased to have concluded these new financings that we expect will improve our profitability. More specifically, the new financings have a lower cost of debt, compared to the operating leases previously in place, and their accounting treatment will result in less non-cash expenses in our profit and loss statement. As a result, we expect an increase in the profitability of the specific vessels and a positive contribution to our overall profitability.”