On March 04, 2022, TOP Ships Inc. (TOPS) stock advanced further in the after-hours to add a good 13.27%. The company submitted a filing Schedule 13D/A with the SEC on the same day.
During the regular session, the stock remained bullish with a gain of 4.63% at its closing price of $1.1300 per share. The stock fluctuated between $1.0100 and $1.1315 at a volume of 2.22 million shares during the session. Following this, TOPS’ bullish momentum escalated in the after-hours as it added a further $0.15 or 13.27%. Hence, the stock had a value of 41.2800 per share in the after-hours on Friday.
The international owner and operator of tanker vessels, TOP Ships Inc. works in the transport of crude oil, petroleum products as well as liquid chemicals. Currently, the company has a market capitalization of $45.01 million with its 39.83 million outstanding shares.
What Happened?
TOPS stock had been in a downtrend for two days, since March 02, 2022. On the same day, during the after-hours, the company had announced news regarding a supertanker delivery. It seems the stock made some gains on the news in the after-hours to resume the downtrend in the following regular session. After falling down for two days, the stock rebounded in the regular session on Friday. The stock’s bullish momentum increased in the following after-hours session as the company filed Schedule 13D/A on the same day. While the filing might be possibly one reason for the recent bullishness the energy price hikes might also have contributed. TOPS is not an energy stock in itself but it is linked to the industry. Thus, the energy price hike might have impacted the stock as well.
Standing at a year-to-date gain of 35.33%, the stock has added 22.80% in the past five days. Moreover, TOPS subtracted over 44.6% in the past year.
TOPS’ Supertanker Delivery
On March 02, the company announced taking delivery of a very high specification Very Large Crude Oil Carrier (VLLC). The VLCC is scrubber fitted 300,000 dwt newbuilding vessel M/T Legio X Equestris constructed at Hyundai Heavy Industries in South Korea. In a few days, the vessel will be prepared to commence its employment charter with a major oil trader for three years. The charter has an option for two yearly extensions as well.
Additionally, TOPS expects a revenue contribution of $10.8 million from the charter in 2022 alone.
On February 22, the company had also announced chartering developments for 3 Suezmax vessels with new time charter employment for 2 and amendment for the other (time increased from 5 years to 15).
