Top Ships rises on net asset value estimates

TOP Ships

12/12/2023 15:05

** U.S.-listed shares of Greek shipping company Top Ships
 TOPS.O  up 3.11% at $18.23
    ** Co says its net asset value (NAV) to be increased to $344
million as of Dec. 12 from the previously-announced estimate of
$285 million as on June 30 this year, following the review of
"charter free vessel value estimates from a third party
international broker, debt outstanding and cash"
    ** Says, this represents NAV of $74.36 per common share and
$61.15 per common share on a fully diluted basis
    ** Co also declares contracted revenue backlog of $400 mln  
    ** Board also considering potential share buyback program 
    ** Including session's gains, stock has risen 20.81% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))