Core Viewpoint - Performance Shipping Inc. has signed contracts for the construction of two new Suezmax tanker vessels, expanding its fleet and market presence in a segment with positive long-term fundamentals [1][3]. Company Overview - Performance Shipping Inc. is a global shipping company specializing in tanker vessel ownership, employing its fleet on spot voyages, pool arrangements, and time charters [6]. Contract Details - The company has signed shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for two 158,000 DWT Suezmax tankers, with a contract price of US$81.5 million per vessel [1][2]. - Payment structure includes 15% upon receipt of a refund guarantee, 10% at each milestone (steel cutting, keel laying, launching), and 55% upon delivery [2]. Market Outlook - Upon delivery in 2028 and 2029, approximately 25% of the global Suezmax fleet will be over 20 years old, and nearly half will consist of non-eco vessels, indicating a favorable long-term supply outlook [4]. - The company anticipates securing attractive employment for the new vessels due to consistent growth in global energy demand and geopolitical developments affecting trade flows [4]. Strategic Partnerships - The company expresses confidence in its partnership with Shanghai Waigaoqiao Shipbuilding Co. Ltd., highlighting a strong track record of delivering technologically advanced vessels [5]. Vessel Specifications - The new vessels will be Tier III, scrubber-fitted, and compliant with the latest fuel-efficiency and environmental standards, enhancing their commercial competitiveness and long-term earnings capacity [6].

Core Viewpoint - TOP Ships Inc. is planning a spin-off of its subsidiary Rubico Inc., which will become an independent publicly-traded company listed on the Nasdaq Capital Market [2][6]. Group 1: Spin-off Details - The spin-off will involve the distribution of 100% of Rubico's common shares to TOP Ships' securityholders of record as of June 16, 2025 [2][3]. - Approximately 3,057,337 Rubico common shares are expected to be distributed at a ratio of one Rubico share for every two TOP Ships shares held [4]. - The NYSE has set June 16, 2025, as the ex-distribution date, meaning TOP Ships shares will trade without entitlement to Rubico shares from that date [3][4]. Group 2: Financial Aspects - Rubico plans to raise $1.5 million through a private placement of its common shares at a price of $20.00 per share [5]. - The spin-off transaction is contingent upon the effectiveness of Rubico's registration statement with the SEC and the approval for listing on the Nasdaq [6]. Group 3: Company Overview - TOP Ships Inc. operates modern, fuel-efficient eco tanker vessels, focusing on the transportation of crude oil, petroleum products, and bulk liquid chemicals [7].

Core Viewpoint - TOP Ships Inc. plans to spin off its subsidiary Rubico Inc., which will become an independent publicly-traded company listed on the Nasdaq Capital Market, focusing on two Suezmax tanker vessels [1][2][7] Spin-off Details - The spin-off will involve distributing 100% of Rubico's common shares to TOP Ships' securityholders of record as of June 16, 2025, with the distribution expected around June 30, 2025 [3][4] - Each common shareholder of TOP Ships will receive one Rubico common share for every two TOP Ships common shares held, with no fractional shares distributed [5] - Rubico plans to raise $1.5 million through a private placement of its common shares at a price of $20.00 per share, expected to close concurrently with the spin-off distribution [6] Company Overview - TOP Ships Inc. is an international owner and operator of modern, fuel-efficient eco tanker vessels, primarily transporting crude oil, petroleum products, and bulk liquid chemicals [8]