Business UpdateJun 24, 2026, 09:03 AM
TOP Ships VLCC Exits Strait of Hormuz Safely; Vessel Value Up 13%
AI Summary
TOP Ships Inc. announced that its 2022-built Very Large Crude Carrier (VLCC), M/T Legio X, has safely exited the Strait of Hormuz. The vessel continued to earn revenue under its existing time charter employment throughout the disruption, with no interruption to contracted cash flows. Additionally, the company noted that the value of comparable VLCCs has increased by approximately 13% since the management's net asset value estimate on March 10, 2026.
Key Highlights
- M/T Legio X, a 2022-built VLCC, safely exited the Strait of Hormuz.
- Vessel continued to earn revenue under its existing time charter employment.
- Company experienced no interruption to contracted cash flows from the vessel.
- Value of comparable VLCCs increased by approximately 13%.
- Value increase is from management's March 10, 2026 net asset value estimate.
Price Impact
More from TOPS