Exhibit 4.116

  

  

  

  

  

  
    	
            CENTRAL SHIPPING INC

          
	
            TRUST COMPANY COMPLEX AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS MU 96960

          


    

    

    Private and Confidential

    The Board of Directors

        Top Ships Inc.

        1 Vas. Sofias & Meg. Alexandrou Str.

        15124 Maroussi

    For the attention of Mr. Alexandros Tsirikos

    January 1, 2019

    
      
        	Subject:	
                Offer letter for the provision of management services

              


      

    

    Dear Sir(s)

    This offer letter outlines the management services that Central Shipping Inc (the “Company”) is in a position to offer
        Top Ships Inc. and the relevant fees for these services for Top Ships Inc current fleet as per Annex "A" and will apply to all vessels acquired by Top Ships Inc subsequent to the date of this offer letter and for as long as this management
        agreement is in place.

    Introduction:

    Central Shipping Inc is a company established in Marshal Islands, dedicated to provide quality ship management services
        for both tanker and dry bulk vessels.  The “Company” has assembled a team of senior shipping executives and key employees who have been working together for over ten years, accumulating extensive experience and expertise in the technical and
        commercial management of large, diversified fleets.  Our “Company” is financially strong, viable and is committed to provide world-class Shipmanagement services that meet or exceed safety and environmental requirements, our mission is to set the
        standards for safe and environmentally friendly sea transportation of goods with ships, crewed and operated by motivated, professional and well-trained seaborne and shore personnel.

    Below is our proposed fees and commissions for the services that we are able to provide you with.

     

      

     

      

     

      

    	
            Trust Company Complex Ajeltake Road, Ajeltake Island Majuro, Marshall Islands MH 96960

            Phone:  30 210 8128260

          


    

    

    
      
        


    

    

    

    

    

    	
            CENTRAL SHIPPING INC

          
	
            TRUST COMPANY COMPLEX AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS MU 96960

          


    

    

    	
            Type of management services:

          	
            Technical, Operations, Insurance, Bunkering, Crew, Provisions, Accounting & Reporting, Commercial, Chartering,
                Sale and Purchase, Newbuilding supervision, Legal and administrative services.

          
	 	 
	
            Duration of Contract:

          	
            Five (5) years, automatically renewed.

          
	 	 
	
            Services and Relevant Fees:

          	
            ●     USD




                550 per day per vessel for Technical, Commercial, Crew Management, Insurance, Provisions and Bunkering.

            Applicable 3 months prior delivery from the yard.

            ●    Accounting,




                Reporting, Legal and Administrative Services at cost.

          
	 	 
	
            Fee Annual Increase:

          	
            Based on total percentage increase in the U.S. Consumer Price Index over the previous year, but not less than 2% and
                not more than 5%.  Applicable for the signing of this agreement for all vessels in Annex “A” and will apply to all vessels acquired by Top Ships Inc subsequent to the date of this offer letter and for as long as this management agreement is
                in place.

          
	 	 
	
            Commission on all hires / gross freight / demurrage:

          	
            1.25%

          
	 	 
	
            Sales and Purchase Commission:

          	
            1% of the Sale or the Purchase Price, or the contract price of the Newbuilding Contract.

          
	 	 
	
            N/B Construction - Supervision Fee:

          	
            7% of actual cost.

          
	 	 
	
            Managers' Superintendent’s Fee

          	
            USD 500 per day, plus actual expenses.

          


    

    

    

    

    

    

    	
            Trust Company Complex Ajeltake Road, Ajeltake Island Majuro, Marshall Islands MH 96960

            Phone:  30 210 8128260

          


    
      
        


    

    

    

    	
            CENTRAL SHIPPING INC

          
	
            TRUST COMPANY COMPLEX AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS MU 96960

          


    

    

    	
            beyond 10 days per annum:

          	 
	 	 
	
            Financial Consultancy Fee on derivative agreements, loan financing and refinancing:

          	
            0.20% on the total transaction amount.

          
	 	 
	
            Annual Performance Incentive Fee:

          	
            At your discretion.

          
	 	 
	
            Notice of Termination:

          	
            18 months

          
	 	 
	
            Termination Fees:

          	
            Fees for 12 months.

          
	 	 


    

    

    
      	
              1.

            	
              Manager shall be entitled to receive additional remuneration for any increase in administrative costs and
                  expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

            
	
              2.

            	
              Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within
                  such deductible range.  All insurance related rebates to be for the benefit of the Manager.

            
	
              3.

            	
              Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the
                  operation of the vessel.

            
	
              4.

            	
              The above management fees are agreed on the basis of the number of the associated vessels as per Annex “A” of this
                  agreement and will apply to all vessels acquired by Top Ships Inc subsequent to the date of this offer letter and for as long as this management agreement is in place.

            


    

    

    

    

    

    

    

    

    

    

    

    

    

    

    	
            Trust Company Complex Ajeltake Road, Ajeltake Island Majuro, Marshall Islands MH 96960

            Phone:  30 210 8128260

          


    

    

    
      
        


    

    

    

    

    

    	
            CENTRAL SHIPPING INC

          
	
            TRUST COMPANY COMPLEX AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS MU 96960

          


    

    

    Attached herewith is the (BIMCO) Standard Ship Management Agreement (Shipman 98) as amended, which shall be the basis of
        the individual management agreements to be entered into among each of Top’s vessel-owning companies and the Company.

    Acknowledgment and Acceptance

    Please acknowledge your acceptance of the terms of our offer by signing the confirmation below and kindly return a copy
        of this letter and initialize a copy of the (BIMCO) Standard Ship Management Agreement (Shipman 98) as amended and attached herewith.  After acceptance of this offer letter and attached management agreement, same shall be binding upon the parties
        hereof Top Ships Inc. and the Company and shall not be terminated by reason of a change of control of either Top Ships Inc. and the Company.

    	
            Yours Faithfully

          	 
	 	 
	
            /s/ Stylianos Giamanis

              

          	 
	Stylianos Giamanis 

          	 
	 	 
	
            Central Shipping Inc.

          	
            Accepted:  Top Ships Inc.

          
	 	 
	 	
            Signature:  /s/ Alexandros Tsirikos

          
	 	 
	 	
            Name:  Alexandros Tsirikos

          
	 	 
	 	
            Title:  CFO

          
	 	 
	 	
            Date:  1/1/2019

          


    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    	
            Trust Company Complex Ajeltake Road, Ajeltake Island Majuro, Marshall Islands MH 96960

            Phone:  30 210 8128260

          


    
      
        


    

    

    

    	
            CENTRAL SHIPPING INC

          
	
            TRUST COMPANY COMPLEX AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS MU 96960

          


    

    

    ANNEX “A” (ASSOCIATED VESSELS) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP
        MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98’

    NOTE:  PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “A” THEY WILL BE SUBJECT TO THE
        PROVISIONS OF SUBCLAUSE 18.1(i) OF THIS AGREEMENT.

    Date of Agreement:     1/1/2019

    Details of Associated Vessels:

    	 	
             

            M/T Stenaweco Energy

             

          	 
	 	
             

            M/T Stenaweco Evolution

             

          	 
	 	
             

            M/T Eco Fleet

             

          	 
	 	
             

            M/T Eco Revolution

             

          	 
	 	
             

            M/T Stenaweco Excellence

             

          	 
	 	
             

            M/T Nord Valiant

             

          	 
	 	
             

            M/T Stenaweco Elegance

             

          	 
	 	
             

            M/T Eco Palm Desert

             

          	 
	 	
             

            Hull Number H8218 (TBN M/T Eco California)

             

          	 
	 	
             

            Hull Number H8242 (TBN M/T Eco Marina Del Ray)

             

          	 
	 	
             

            Hull Number S874 (TBN M/T Eco Bel Air)

             

          	 
	 	
            
              
                
                  
                    
                      
                         

                          

                        Hull Number S875 (TBN M/T Eco Beverly Hills)

                         

                      

                    

                  

                

              

            

          	 


    

    

    This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the
        form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss,
        damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

    	
            Trust Company Complex Ajeltake Road, Ajeltake Island Majuro, Marshall Islands MH 96960

            Phone:  30 210 8128260