Central Group

Top Ships massively undervalued by New York investors, company insists

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Tankers

Publication date

18 March 2026

Evangelos Pistiolis says tanker company trading at 91% discount to net asset value

Top Ships chief executive Evangelos Pistiolis.Photo: Central Group

Key takeaways

Evangelos Pistiolis says tanker company trading at 91% discount to net asset value
New York-listed Top Ships is trading at a huge discount to its intrinsic value, according to boss Evangelos Pistiolis.
The Greek crude and product tanker company has calculated its net asset value at $289m at 31 December.

Reading time: 1 min

New York-listed Top Ships is trading at a huge discount to its intrinsic value, according to boss Evangelos Pistiolis.

The Greek crude and product tanker company has calculated its net asset value at $289m at 31 December.

Original publication

View the original article on TradeWinds →

Central Group

Top Ships takes over nine Pistiolis tanker newbuilds backed by $680m of charters

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Tankers

Publication date

23 February 2026

Greek company strikes deal with main shareholder for Chinese MRs

Evangelos Pistiolis controls Top Ships.Photo: Central Group

Key takeaways

Greek company strikes deal with main shareholder for Chinese MRs
Top Ships is taking over nine contracts for tanker newbuildings agreed by main shareholder Evangelos Pistiolis’ private interests.
TradeWinds reported earlier in February that the Greek owner’s Central Mare had signed deals for 10 MR carriers, which was confirmed by state-owned China State Shipbuilding Co.
New York-listed Top Ships said on Monday that it is buying 100% of nine Marshall Islands companies that own the contracts for the “very high specification” 47,499-dwt clean tankers to be built at Guangzhou Shipyard Inter

Reading time: 1 min

Top Ships is taking over nine contracts for tanker newbuildings agreed by main shareholder Evangelos Pistiolis’ private interests.

TradeWinds reported earlier in February that the Greek owner’s Central Mare had signed deals for 10 MR carriers, which was confirmed by state-owned China State Shipbuilding Co.

New York-listed Top Ships said on Monday that it is buying 100% of nine Marshall Islands companies that own the contracts for the “very high specification” 47,499-dwt clean tankers to be built at Guangzhou Shipyard International.

Original publication

View the original article on TradeWinds →

Central Group

Gulf Energy Maritime tied to product tanker newbuildings at K Shipbuilding

Originally published by

TradeWinds

By

Irene Ang

Location

Singapore

Section

Tankers

Publication date

1 September 2026

Deal follows South Korean order for six MRs in March

Amir Maghami is chairman of Gulf Energy Maritime.Photo: Global Feeder Shipping

Key takeaways

Deal follows South Korean order for six MRs in March
Gulf Energy Maritime (GEM) has been named as the owner behind a $264m newbuilding contract at K Shipbuilding.
Multiple shipbuilding sources said the deal involves two firm 74,000-dwt LR1 product tankers, with options for two more, costing about $66m each.
One source tracking the yard’s orderbook said Dubai-based GEM was one of two companies behind contracts worth KRW 510bn ($370m) that K Shipbuilding announced on Wednesday.

Reading time: 1 min

Gulf Energy Maritime (GEM) has been named as the owner behind a $264m newbuilding contract at K Shipbuilding.

Multiple shipbuilding sources said the deal involves two firm 74,000-dwt LR1 product tankers, with options for two more, costing about $66m each.

One source tracking the yard’s orderbook said Dubai-based GEM was one of two companies behind contracts worth KRW 510bn ($370m) that K Shipbuilding announced on Wednesday.

Original publication

View the original article on TradeWinds →

Central Group

Leonhardt & Blumberg stacks product tanker orderbook at Guangzhou Shipyard International

Originally published by

TradeWinds

By

Irene Ang

Location

Singapore

Section

Tankers

Publication date

12 February 2026

The German owner has a total of six 50,000-dwt product tankers on order at the Chinese shipyard

Torben Kolln is the managing director of Leonhardt & Blumberg.Photo: Marine Money

Key takeaways

The German owner has a total of six 50,000-dwt product tankers on order at the Chinese shipyard
Germany’s Leonhardt & Blumberg is expanding its presence in the MR tanker segment through newbuildings.
The container ship tonnage supplier, which made its debut in the tanker segment in 2021, has contracted China’s Guangzhou Shipyard International to build two 50,000-dwt chemical/product carriers.

Reading time: 1 min

Germany’s Leonhardt & Blumberg is expanding its presence in the MR tanker segment through newbuildings.

The container ship tonnage supplier, which made its debut in the tanker segment in 2021, has contracted China’s Guangzhou Shipyard International to build two 50,000-dwt chemical/product carriers.

Original publication

View the original article on TradeWinds →

Central Group

Pistiolis suezmax tanker company to slash share count as price falls

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Tankers

Publication date

11 February 2026

Rubico taking action to maintain Nasdaq listing

Evangelos Pistiolis controls Rubico.Photo: Central Group

Key takeaways

Rubico taking action to maintain Nasdaq listing
Athens-based tanker company Rubico is cutting the number of its shares to boost the stock price on the Nasdaq exchange in New York.
The Evangelos Pistiolis-controlled owner of two suezmaxes was spun off from Top Ships last year.
The company said the reverse stock split will be effective when trading begins on Thursday.

Reading time: 1 min

Athens-based tanker company Rubico is cutting the number of its shares to boost the stock price on the Nasdaq exchange in New York.

The Evangelos Pistiolis-controlled owner of two suezmaxes was spun off from Top Ships last year.

The company said the reverse stock split will be effective when trading begins on Thursday.

Original publication

View the original article on TradeWinds →

Central Group

War puts paid to $200m Dubai property deal for Evangelos Pistiolis

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Finance

Publication date

16 July 2026

Top Ships rejects chance to buy portfolio from controlling shareholder’s private interests

Key takeaways

Top Ships rejects chance to buy portfolio from controlling shareholder’s private interests
Greek shipowner Evangelos Pistiolis has seen a major Dubai property sale fall through due to the Iran war.
His New York-listed tanker company Top Ships has rejected a chance to acquire the residential portfolio for $200m-plus from Pistiolis, the chief executive and major shareholder.
The shipping firm had agreed an option for the property in November 2025.

Reading time: 1 min

Greek shipowner Evangelos Pistiolis has seen a major Dubai property sale fall through due to the Iran war.

His New York-listed tanker company Top Ships has rejected a chance to acquire the residential portfolio for $200m-plus from Pistiolis, the chief executive and major shareholder.

The shipping firm had agreed an option for the property in November 2025.

Original publication

View the original article on TradeWinds →

Central Group

Top Ships focuses on tanker expansion after selling megayacht bought from boss Pistiolis

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Tankers

Publication date

23 July 2026

Greek company is exiting luxury vessel sector to pump cash into core business

Key takeaways

Greek company is exiting luxury vessel sector to pump cash into core business
Top Ships is quitting the megayacht sector to pump more cash into tankers.
The Athens-based, New York-listed owner has decided to sell the Para Bellvm, which it acquired last year from major shareholder and chief executive Evangelos Pistiolis.
The 47-metre yacht, built in 2023 at the Sanlorenzo shipyard, has capacity for 12 guests and a crew of 10.

Reading time: 1 min

Top Ships is quitting the megayacht sector to pump more cash into tankers.

The Athens-based, New York-listed owner has decided to sell the Para Bellvm, which it acquired last year from major shareholder and chief executive Evangelos Pistiolis.

The 47-metre yacht, built in 2023 at the Sanlorenzo shipyard, has capacity for 12 guests and a crew of 10.

Original publication

View the original article on TradeWinds →

Central Group

Pistiolis highlights ‘94% discount’ in stock price as Top Ships fleet hits $359.2m

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Tankers

Publication date

31 July 2026

Greek tanker owner says underlying worth growing as fleet expands

Top Ships’ 299,937-dwt VLCC Legio X Equestris (built 2022) at HD Hyundai Heavy Industries.Photo: Top Ships

Key takeaways

Greek tanker owner says underlying worth growing as fleet expands
Greece’s Top Ships has seen its overall worth jump 24% in three months as the fleet expands, bosses said.
The New York-listed tanker owner, controlled by Evangelos Pistiolis, calculated net asset value at $359.2m as of 30 June.

Reading time: 1 min

Greece’s Top Ships has seen its overall worth jump 24% in three months as the fleet expands, bosses said.

The New York-listed tanker owner, controlled by Evangelos Pistiolis, calculated net asset value at $359.2m as of 30 June.

Original publication

View the original article on TradeWinds →

Central Group

Top Ships buys three tanker newbuildings from boss Pistiolis as backlog nears $1bn

Originally published by

TradeWinds

By

Gary Dixon

Location

London

Section

Tankers

Publication date

6 August 2026

Greek owner acquiring MRs ordered by major shareholder earlier this year

Key takeaways

Greek owner acquiring MRs ordered by major shareholder earlier this year
New York-listed Top Ships has struck a deal to add more product tanker newbuildings in a move that boosts its revenue backlog to $930m.
The Greek company said it is buying the three MR vessels ordered in South Korea in June by major shareholder and chief executive Evangelos Pistiolis.

Reading time: 1 min

New York-listed Top Ships has struck a deal to add more product tanker newbuildings in a move that boosts its revenue backlog to $930m.

The Greek company said it is buying the three MR vessels ordered in South Korea in June by major shareholder and chief executive Evangelos Pistiolis.

Original publication

View the original article on TradeWinds →

Central Group

How much Wall Street shipowners are paying insider shareholders in related-party expenses

Originally published by

TradeWinds

By

Eric Priante Martin

Location

United States

Section

Finance

Publication date

11 August 2026

Some say they are conflicts of interest. The numbers show they are a big part of the business

The Nasdaq, whose market site is on Times Square, is the home of many shipping listings. — Photo: Scanpix

Key takeaways

Some say they are conflicts of interest. The numbers show they are a big part of the business
US-listed shipowners paid at least $800m in related-party fees and expenses to powerful insider shareholders or their affiliates in 2025, according to a detailed analysis by TradeWinds.
The figure shows the scale of a practice that continues to draw scrutiny from corporate governance experts yet remains commonplace in many shipping companies that access Wall Street’s capital markets.
The findings show the growing use of such transactions.

Reading time: 1 min

US-listed shipowners paid at least $800m in related-party fees and expenses to powerful insider shareholders or their affiliates in 2025, according to a detailed analysis by TradeWinds.

The figure shows the scale of a practice that continues to draw scrutiny from corporate governance experts yet remains commonplace in many shipping companies that access Wall Street’s capital markets.

The findings show the growing use of such transactions.

Original publication

View the original article on TradeWinds →