TOP Ships announced that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the Company’s net asset value as of December 12, 2023 to be $344M, increased from the previously-announced estimate of $285M as of June 30, 2023. This translates into a NAV of $74.36 per common share and $61.15 per common share on a fully diluted basis. Additionally, the Company announced today that following the latest charter fixtures of its two VLCCs, and after taking into account the maximum duration of the firm period of all charters, the previously-announced gross revenue backlog for the firm time charter period, including 50% of the Company’s JV vessels, as of June 30, 2023, has increased to $400M. The Company further announced that its Board of Directors is currently considering and reviewing the adoption of shareholder friendly measures, potentially including a share buyback plan.
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Read More on TOPS:
- Top Ships Announces Increase From Previously Announced Management Estimate of Net Asset Value to $344 Million and Contracted Revenue Backlog of $400 Million
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- TOP Ships announces increase in shareholding by Pistiolis family
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- TOP Ships announces extension of time charter employment for two VLCC tankers
