UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

x

Rule 13d-1(b)

o

Rule 13d-1(c)

o

Rule 13d-1(d)

CUSIP No. Y8897Y149

1

Name of Reporting Persons
Ronin Capital, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5

Sole Voting Power:
1,875,000

6

Shared Voting Power:
0

7

Sole Dispositive Power:
1,875,000

8

Shared Dispositive Power:
0

9

Aggregate Amount Beneficially Owned by Each Reporting Person:
1,875,000

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11

Percent of Class Represented by Amount in Row (9)
9.9%

12

Type of Reporting Person (See Instructions)
BD

CUSIP No. Y8897Y149

Item 1(a).

Name of Issuer:
TOP SHIPS INC.

Item 1(b).

Address of Issuer’s Principal Executive Offices:
TOP SHIPS INC.

1 Vas. Sofias & Meg.

Alexandrou Street

151 24, Maroussi

Athens, Greece

Item 2(a).

Name of Person Filing:
Ronin Capital, LLC

Item 2(b).

Address of Principal Business Office or, if none, Residence:
Ronin Capital, LLC

350 N. Orleans Street, Suite 2N

Chicago, IL 60654

Item 2(c).

Citizenship:
Ronin Capital, LLC is a Delaware LLC

Item 2(d).

Title of Class of Securities:
Common Stock

Item 2(e).

CUSIP Number:
Y8897Y149

Item 3.

If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b), check whether the person filing is a:

(a)

x

Broker or dealer registered under section 15 of the Exchange Act.

CUSIP No. Y8897Y149

Item 4.

Ownership

Ronin Capital, LLC is the record owner of 1,250,000 shares of common stock and warrants to purchase 625,000 shares of common stock. The shares of common stock and warrants were acquired on June 6, 2014 in an underwritten public offering pursuant to a registration statement on Form S-1, File No. 333-194690, and the Prospectus dated as of June 6, 2014 filed as a part of such registration statement.

(a)

Amount beneficially owned:   

(i)    Ronin Capital, LLC                    1,875,000 shares

(b)

Percent of class:   

(i)    Ronin Capital, LLC                     9.9%

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote:   

(i)    Ronin Capital, LLC                                                 1,875,000

(ii)

Shared power to vote or to direct the vote:    

(i)    Ronin Capital, LLC                                                 0

(iii)

Sole power to dispose or to direct the disposition of:   

(i)    Ronin Capital, LLC                                                 1,875,000

(iv)

Shared power to dispose or to direct the disposition of:   

(i)    Ronin Capital, LLC                                                 0

Item 5.

Ownership of Five Percent or Less of a Class:

Not applicable

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

Not applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company:

Not applicable

Item 8.

Identification and Classification of Members of the Group:

Not applicable

Item 9.

Notice of Dissolution of Group:

Not applicable

Item 10.

Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

Dated:

June 16, 2014

Ronin Capital, LLC

By:

/s/ Agnes Burda

Name: Agnes Burda

Title: Compliance Officer