Sep. 16 at 7:44 PM
Top Ships Inc. (NYSE American:
$TOPS ) reported net income of
$6.5 million on revenues of
$25.5 million for the six months ended June 30, 2026. Diluted earnings per common share were
$0.61 and stockholders' equity was
$76.7 million.
TOP Ships Inc. is a B2i Digital Featured Company. See the company's in-depth profile at: https://b2idigital.com/top-ships
The half-year results come with a newbuilding program carrying
$680.4 million of contracted revenue including the optional periods:
• Net cash provided by operating activities of
$11.1 million and EBITDA of
$17.2 million, a non-GAAP measure
• Eight MR tankers for delivery in 2028 and 2029, each with a seven-year time charter with Trafigura from delivery plus a charterer's four-year option; the company has agreed to sell the SPV holding one of the shipbuilding contracts
• A share purchase agreement, closing expected by September 30, 2026, to acquire three shipowning companies holding contracts for three MR newbuildings, each with a five-year time charter to an oil major plus a charterer's one-year option
Regarding the program, Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships, stated: "The result is a modern, fuel-efficient fleet with employment secured from the delivery of each vessel."
Read the full release: https://www.globenewswire.com/news-release/2026/09/16/3363114/14465/en/top-ships-inc-announces-net-income-of-6-5-million-diluted-earnings-per-share-of-0-61-and-stockholders-equity-of-76-7-million-for-the-six-months-ended-june-30-2026.html
TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. The Company's tanker operating fleet has a total capacity of 857,000 dwt and consists of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt VLCCs and, through a joint venture, 50% interests in two 50,000 dwt product tankers.
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David Shapiro, Chief Executive Officer of B2i Digital, personally purchased in the open market and currently owns shares of unrestricted TOPS stock, in line with B2i Digital’s practice of investing alongside its Featured Companies. B2i Digital is not a broker-dealer or investment adviser. This post is informational and not an offer or solicitation regarding any security. See the complete Disclosure at https://b2idigital.com/disclaimer.
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