Top Ships presses on with suezmax spin-off

US-listed Greek eco tanker owner and operator Top Ships has moved to spin off two of its suezmax vessels into an independent publicly traded company.

The company’s subsidiary, Rubico, has been earmarked to press ahead with the 2021-built 157,000 dwt scrubber-fitted Eco Malibu and Eco West Coast and list on the Nasdaq Capital Market.

Both vessels are currently part of sale-and-leaseback agreements with Chinese financiers, chartered to Clearlake Shipping, and managed by Central Shipping—a company affiliated with the family of Top Ships’ CEO, Evangelos Pistiolis.

As part of the transaction, Top Ships is to distribute 100% of the common shares of Rubico to its security holders and said it expects there to be no overlapping board members or management between the two companies. Shareholders will receive one Rubico common share for every two Top Ships shares held on June 16.

Top Ships currently counts a fleet of two VLCCs, five suezmaxes and three MR tankers, two of which are 50% owned. Rubico spin-off was first announced in June 2023, with the Eco Malibu as part of the scheme and early plans to list on the OTCQX before seeking an eventual uplisting to a major exchange.

The company, led by Greek shipping financial advisor Kalliopi Ornithopoulou, said in a SEC filing that following the separation, it intends to adopt a flexible acquisition strategy, eyeing further investments in suezmax tankers and potential diversification into other shipping sectors.