In August 2025, Top Ships Inc. entered into four sale and leaseback financing agreements with a major Chinese financier to refinance two VLCC tankers, a Suezmax tanker, and an MR product tanker. These agreements, expected to conclude by November 2025, will generate $207 million in proceeds, with $179.8 million allocated to repay existing financing and the remainder earmarked for general working capital and potential asset acquisitions. The move aligns with the company’s growth strategy, although no specific acquisitions have been identified yet.