TOP Ships says VLCC exited Strait of Hormuz and vessel values rose

TOP Ships said its M/T Legio X safely cleared the Strait of Hormuz on June 25, 2026, after remaining inside the waterway during the navigation disruption. The company also pointed to broker estimates showing comparable VLCC values up about 13% from the assumptions used in its March 10 net asset value estimate.

Why it matters: - TOP Ships said the M/T Legio X is back outside one of the world’s most sensitive shipping lanes after a period of disruption in the Strait of Hormuz. - The vessel kept earning under its existing time charter during the disruption, so TOP Ships said contracted cash flow was not interrupted. - Higher broker estimates for comparable VLCCs could support asset values for tanker owners if the trend holds.

What happened: - TOP Ships said on June 25, 2026, that the M/T Legio X, a 2022-built Very Large Crude Carrier, safely exited the Strait of Hormuz. - The vessel had stayed within the strait since the start of the navigation disruption. - TOP Ships is an international owner and operator of modern, fuel-efficient ECO tanker vessels.

The details: - The M/T Legio X continued operating under its existing time charter while it remained in the strait. - TOP Ships said the vessel generated revenue throughout the period. - A third-party international broker’s charter-free value estimates for comparable VLCCs are about 13% higher than the values used in TOP Ships’ management net asset value estimate from March 10, 2026. - TOP Ships focuses on ocean-going vessels that transport crude oil, petroleum products and bulk liquid chemicals. - The company included links to its profile on B2i Digital, its website and its LinkedIn page.

Between the lines: - The Hormuz exit removes a near-term routing risk for one ship, but the broader significance is the signal it sends about tanker movement through a critical chokepoint. - The value update suggests the tanker market may be stronger than the assumptions behind TOP Ships’ March net asset value estimate. - The vessel-value comment is forward-looking in nature and depends on market conditions that can change quickly.

What's next: - TOP Ships will likely watch whether broker valuations hold and whether conditions in the Strait of Hormuz remain stable. - Investors may focus on whether the higher comparable vessel values feed into future asset valuations or financing discussions. - The company said its statements are current as of June 25, 2026, and it does not intend to update forward-looking statements except as required.

The bottom line: - TOP Ships says one of its key tankers is out of the Strait of Hormuz, cash flow stayed intact, and market values for similar ships appear stronger than earlier estimates.