Greek tanker owner TOP Ships unveils Suezmax spin-off plan

In a disclosure on 4 June, the US-listed tanker owner revealed its subsidiary Rubico is set to become an independent, publicly traded company listed on Nasdaq. As part of the spin-off, TOP Ships intends to transfer ownership of two 2021-built Suezmax tankers – Eco Malibu and Eco West Coast, each with a capacity of 157,000 dwt – to Rubico. Both vessels have been placed on long-term time charter contracts with Clearlake.

To complete the separation, TOP Ships plans to distribute 100% of Rubico’s common shares to its security holders of record as of 16 June. Shareholders will receive one Rubico share for every two TOP Ships shares held on that date. Following the transaction, the two companies will operate independently, with no overlapping board members or executive officers.

Rubico also plans to raise US$1.5M through a private placement of its common shares, priced at US$20.00 per share. The spin-off is contingent on the effectiveness of the company’s registration statement and approval for its Nasdaq listing.

Rubico previously filed for a potential spin-off in June 2023, but withdrew the application two months later. In its April 2025 annual report, TOP Ships reiterated its intent, “We are evaluating alternatives to consummate a spin-off of certain of our assets to Rubico.”

Spinning off new entities from core businesses has become an increasingly common trend among publicly listed Greek shipping companies in recent years. Prominent shipowners such as Konstantinos Konstantakopoulos, Harry Vafias, Semiramis Paliou, Aristides Pittas, Stamatis Tsantanis and Petros Panagiotidis have all pursued similar strategies.

Fleet profile and diversification into yachts

TOP Ships currently manages a fleet of eight tankers, including five Suezmaxes, one MR2, and two VLCCs, with a combined capacity of 1.43M dwt. Additionally, it holds a 50% interest in two MR2 tankers. According to the company’s annual report, all vessels are employed under long-term charters, with contract expirations ranging from late 2025 to 2037.

In an unexpected diversification move, the company expanded into the luxury yacht market last year. In July 2024, TOP Ships signed a share purchase agreement to acquire 100% of a company owning a 499-gt megayacht for US$20M. The yacht was delivered in April 2025.

During the same period, the company also agreed to acquire 100% of a shipowning firm that will own a newbuilding 1,150-gt megayacht, scheduled for delivery in 2027, for US$27M.

Both yacht transactions involved affiliated entities of TOP Ships’ chief executive Evangelos Pistiolis.

“We believe market conditions are favourable for investments in this sector and are evaluating additional similar investment opportunities,” the company noted in its annual report.