TOP Ships is a Marshall Islands-based tanker shipping company that owns and operates crude oil, petroleum product, and chemical tanker vessels. The current fleet totals 857,000 dwt and includes two VLCCs, one Suezmax tanker, and three MR product/chemical tankers. TOP Ships earns revenue through time charters — fixed daily rate contracts under which the charterer pays a set daily rate and covers voyage costs like fuel, while TOP Ships covers vessel operating costs like crewing and maintenance. Nearly all vessels are on long-term fixed-rate time charters with major oil companies and commodity traders, including Trafigura, Clearlake, and WECO Tankers, providing predictable near-term revenue. TOP Ships has also contracted nine MR chemical/product tankers from Guangzhou Shipyard, scheduled for delivery between Q2 2028 and Q4 2029, all with seven-year time charters already secured with Trafigura at $18,750/day. These newbuildings are financed through sale-leaseback arrangements with Chinese leasing companies covering 85% of contract costs. Sale-leaseback financing is central to TOP Ships' capital model — the company sells vessels to leasing companies and charters them back under bareboat agreements, effectively using the structure as secured debt while retaining economic exposure to charter income. Beyond tankers, TOP Ships is pursuing diversification into luxury yachting and is evaluating a potential acquisition of Dubai residential real estate, though tankers remain the overwhelming majority of current assets and revenue.