Top Ships Inc. owns and operates tanker vessels in Greece and internationally. The company transports crude oil, petroleum products, and bulk liquid chemicals. As of December 31, 2024, it had a fleet with a total capacity of 1,435,000 deadweight tonnes (dwt) consisting of one 50,000 dwt product/chemical tanker, five 157,000 dwt Suezmax tankers, two 300,000 dwt very large crude carriers, …
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TOP Ships, Inc. ranks #34 of 56
scored companies in Oil & Gas Midstream by moat score — the top 61%.
The widest moat in the group is Hess Midstream LP (HESM)
at 84/100.
Moat scores for companies ranked near TOPS in Oil & Gas Midstream
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 38
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 58
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 42
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 23
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 55
· 15% of the moat score
Scale matters only when it converts into economics.
TOP Ships, Inc. (TOPS) scores 46 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #34 of 56 scored companies in Oil & Gas Midstream, the top 61%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Oil & Gas Midstream. Its strongest defense is Pricing Power (59/100) and its weakest is Resilience (23/100).
How does TOP Ships, Inc. compare with other Oil & Gas Midstream companies?
TOP Ships, Inc. ranks #34 of 56 scored companies in Oil & Gas Midstream by moat score. The widest moat in Oil & Gas Midstream is Hess Midstream LP (HESM) at 84/100. The companies ranked closest are Tsakos Energy Navigation Ltd (TEN) at 47 just above it and KNOT Offshore Partners LP (KNOP) at 45 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Oil & Gas Midstream. The defenses are then weighted to produce the overall score out of 100.
Why is TOP Ships, Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for TOP Ships, Inc.?
The Corporate Default template measures 6 defenses, and TOPS scores: Pricing Power (59), Cost Advantage (38), Customer Stickiness (58), Capital Efficiency (42), Resilience (23), Scale & Market Position (55). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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