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TOP Ships cancels Dubai real estate deal, reallocates $23.5M to tanker fleet expansion

Company Fundamentals
16 Jul 2026, 15:40 WIB
GlobeNewsWire
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Neutral
TOP Ships cancels Dubai real estate deal, reallocates $23.5M to tanker fleet expansion

TOP Ships Inc. has decided not to proceed with acquiring a residential real estate portfolio in Dubai, originally planned under a letter of intent from November 2025. The company will receive a refund of the $23.5 million advance payment and has no further obligations related to the deal. This decision was influenced by ongoing instability in the Gulf region and TOP Ships' strategic focus on expanding its fleet of modern, fuel-efficient tanker vessels. The released capital will now be invested back into the tanker business to support growth.

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