Core Viewpoint - TOP Ships Inc. has announced the approval of Rubico Inc.'s application to list its common shares on the Nasdaq Capital Market, marking a significant step in the company's spin-off strategy [1][2]. Group 1: Spin-off Details - The distribution of Rubico common shares to TOP Ships securityholders is expected to occur within July 2025, with the exact date to be announced later [2]. - Rubico's common shares will begin trading on the Nasdaq Capital Market under the ticker "RUBI" on the first trading day following the distribution [2]. - The spin-off involves two vessels, the M/T Eco Malibu and M/T Eco West Coast, both modern, high specification, scrubber-fitted, and fuel-efficient 157,000 dwt Suezmax tankers [3]. Group 2: Regulatory Filings - Rubico has filed a registration statement on Form 20-F with the SEC, providing detailed information regarding the spin-off [4]. - The registration statement is accessible on the SEC's website, ensuring transparency and compliance with regulatory requirements [4]. Group 3: Company Overview - TOP Ships Inc. operates as an international owner and operator of ocean-going vessels, focusing on modern, fuel-efficient eco tanker vessels that transport crude oil, petroleum products, and bulk liquid chemicals [5].

ATHENS, Greece, June 04, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that it intends to effect a spin-off of two of its Suezmax tanker vessels. Rubico Inc. ("Rubico"), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico wil ...

Core Insights - SFL Corporation Ltd. reported preliminary financial results for Q1 2025, including a net loss of $31.9 million or $0.24 per share, primarily due to impairments on older dry-bulk vessels and the idleness of the drilling rig Hercules [1][6] - The company declared a quarterly cash dividend of $0.27 per share, marking the 85th consecutive quarterly dividend [5][6] - Charter hire revenue for the quarter was $193.5 million, which included $1.5 million from profit share, while adjusted EBITDA was $108.0 million from consolidated subsidiaries and $7.7 million from associated companies [6] Financial Performance - The net loss of $31.9 million was attributed to one-off items, including impairments on older vessels [3][6] - Charter hire revenue was reported at $193.5 million, with an adjusted EBITDA of $115.7 million when including associated companies [6] - The company has been actively repurchasing shares, with a $10 million buyback at an average price of $7.98 per share [6] Fleet Management - SFL continues to renew its fleet by divesting older bulkers and containerships, focusing on assets with a charter backlog to support long-term dividend distribution [4][6] - The company upgraded several vessels during the quarter, enhancing cargo intake and fuel efficiency [3][4] Dividend Information - The declared quarterly cash dividend of $0.27 per share will be paid on or around June 27, 2025, with the record date set for June 12, 2025 [5][6] - This dividend reflects the company's commitment to maintaining a consistent distribution to shareholders [8]

Group 1 - The 2025 Annual General Meeting of SFL Corporation Ltd. was held on May 8, 2025, where the audited consolidated financial statements for the year ended December 31, 2024, were presented [1] - The Company has maintained a consistent dividend payment record every quarter since its initial listing on the New York Stock Exchange in 2004 [2] - SFL's fleet includes various types of vessels such as tankers, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and a growing asset base [2] Group 2 - Resolutions passed at the meeting included setting the maximum number of Directors to eight and designating vacancies as casual, allowing the Board to fill them as deemed fit [4] - The re-election of several Directors was approved, including Kathrine Fredriksen, Gary Vogel, Keesjan Cordia, James O'Shaughnessy, Ole Hjertaker, and Will Homan-Russell [4] - Ernst & Young AS was re-appointed as auditors, with the Directors authorized to determine their remuneration, and the total remuneration for the Board of Directors was approved not to exceed US$800,000 for the year ended December 31, 2025 [4]

Company Overview - SFL Corporation Ltd. has a unique track record in the maritime industry, having paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004 [3] - The company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by a portfolio of long-term charters and significant growth in the asset base over time [3] Financial Results Announcement - SFL plans to release its preliminary financial results for the first quarter of 2025 on May 14, 2025 [1] - A conference call and webcast for stakeholders will be held on the same day at 10:00 AM (EST) / 4:00 PM (CET) [1] Investor Relations - Relevant materials for the financial results will be available on the Investor Relations section of the company's website on the same day as the announcement [1] - Investors can join the conference call in listen-only mode via the company's website or participate in a live Q&A through Zoom [2]

Financial Performance - Navios Maritime Partners reported revenue of $304.1 million for Q1 2025, a decrease of 4.6% from $318.6 million in Q1 2024 [16][14] - EBITDA for Q1 2025 was $147.6 million, down from $166.2 million in Q1 2024 [15][17] - Net income for Q1 2025 was $41.7 million, compared to $73.4 million in Q1 2024 [14][18] - Earnings per common unit were $1.38 for Q1 2025, down from $2.38 in Q1 2024 [37] Operational Highlights - The fleet consisted of 69 dry bulk vessels, 49 containerships, and 56 tankers, with a total of 154 vessels operating at the end of the period [11][22] - The average Time Charter Equivalent (TCE) rate decreased by 1.1% to $21,271 per day [16][22] - Available days for the fleet slightly decreased by 0.6% to 13,456 days [16][22] Cash Management - The company declared a cash distribution of $0.05 per unit for Q1 2025, with an annualized rate of $0.20 [4] - As of May 1, 2025, Navios Partners repurchased 423,984 common units for approximately $16.1 million [3] Fleet Transactions - Navios Partners sold three vessels for gross proceeds of $34.7 million, with an average age of 19.1 years [5][6] - Four newbuilding vessels were delivered in 2025, including two aframax/LR2 tankers and two LNG dual fuel containerships [8] Financing Activities - The company extended the maturity of a sale and leaseback transaction for $45.4 million, maturing in Q1 2029 [9] - Interest rate swaps were entered into for a notional amount of $87.9 million to hedge interest rates on existing credit facilities [10] Future Outlook - Navios Partners has contracted revenue of $3.4 billion as of April 2025, with expected revenues of $714.1 million and $719.1 million for the last nine months of 2025 and for all of 2026, respectively [12]

Group 1 - The company, TOP Ships Inc., has filed its annual report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - TOP Ships Inc. specializes in owning and operating modern, fuel-efficient eco tanker vessels that transport crude oil, petroleum products, and bulk liquid chemicals [2] - The annual report can be accessed through the company's website or the SEC's website [1] Group 2 - The company aims to leverage safe harbor provisions under the Private Securities Litigation Reform Act of 1995 for its forward-looking statements [4] - Forward-looking statements include plans, objectives, and strategies regarding the company's vessel acquisitions and employment [3]

Company Information - SFL Corporation Ltd. has a strong track record in the maritime industry, having paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004 [2] - The company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and significant asset growth over time [2] Upcoming Events - The 2025 Annual General Meeting of SFL Corporation Ltd. is scheduled for May 8, 2025, with a record date for voting set on April 4, 2025 [1]