TOP Ships Inc. Announces Termination of ATM Program and Other Corporate Developments

Athens, Greece - July 24, 2018 (Globe Newswire)

TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, announced today that, effective immediately, it is terminating the equity distribution agreement (the "Agreement") with Maxim Group LLC providing for the "at-the-market" equity offering program (the "ATM Offering").

Additionally, the company announced that it is in discussions and has received indicative terms from financial institutions for the financing of the M/T's Eco California, Eco Bel Air and Eco Beverly Hills, which are expected to be delivered in January, April and May 2019 respectively, from Hyundai in South Korea. The high quality of these vessels together with the high quality time charters attached, make them attractive to financiers.

Additionally, the company is close to finalizing an increase in the Family Trading Inc. credit facility, an affiliate of its CEO and controlling shareholder Mr. Evangelos Pistiolis. Also, the company is in discussions with its existing senior lenders as well as with other finance providers with an objective to secure additional liquidity.

About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company. For more information about TOP Ships Inc., visit its website: www.topships.org.

Top Ships Inc. press release