• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
PublishDashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees
    Legal
    Terms of usePrivacy policyCookie policy

    TOP Ships Announces Record Net Income for the Year Ended December 31, 2021 and Other Corporate Developments

    3/14/22 9:20:58 AM ET
    $TOPS
    Marine Transportation
    Consumer Discretionary
    Get the next $TOPS alert in real time by email

    ATHENS, Greece, March 14, 2022 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2021.

    For the year ended December 31, 2021, the Company reported:

    • Total revenues of $56.4 million
    • Net Income of $8.6 million
    • Earnings per share of $0.14
    • Adjusted EBITDA of $35.2 million*
    • Total Assets of $330.8 million

    Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

    "We are very happy to report record net income for the year ended December 31, 2021, which is the highest reported net income since 2008. Furthermore, we announce the conclusion of our newbuilding program following which, as of today, our fixed revenue backlog is about $361 million and our charter coverage is as per below table:"

    YearTime Charter Coverage

     
    2022100% 
    2023100% 
    202476% 
    202517% 
    2026+10% 

    Recent Developments

    On February 28 we concluded the previously announced sale of the M/T Eco Los Angeles to an unaffiliated party and the related secured financing for the vessel was prepaid in full. The net proceeds after senior debt repayment were used to repay $9 million of funds drawn down under the unsecured credit facility entered into in January 2022 with Central Mare Inc, a company affiliated with our President, CEO and Director Evangelos J. Pistiolis, which is now terminated.

    On March 4, 2022, we took delivery of the very high specification, scrubber fitted, 157,000 dwt newbuilding Suezmax tanker vessel M/T Eco Oceano Ca constructed at the Hyundai Samho shipyard in South Korea and consummated the previously announced sale and leaseback of the vessel with a major international financier for total gross proceeds of $48.2 million. The vessel has commenced its previously announced fifteen-year time charter employment.

    As of the date of this earnings release, there are currently 4,763,000 Series F Preferred Shares issued and outstanding.

    About TOP Ships Inc.

    TOP Ships Inc. is an international ship-owning company.

    For more information about TOP Ships Inc., visit its website: www.topships.org.

    Forward-Looking Statements

    Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

    The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

    Contact:

    Alexandros Tsirikos

    Chief Financial Officer

    TOP Ships Inc.

    Tel: +30 210 812 8107

    Email: [email protected]

    TOP SHIPS INC.   
         
    UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE    
    (LOSS)/INCOME FOR THE YEARS ENDED DECEMBER 31, 2019, 2020 and 2021   
    (Expressed in thousands of U.S. Dollars - except share and per share data)   
      201920202021
     Revenues (including $1,311, $0 and $0 respectively, from related party)66,088 60,222 56,367 
         
    EXPENSES:   
     Voyage expenses (including $829, $761 and $705 respectively, to related party)3,038 1,994 1,317 
     Operating lease expense7,054 755 10,840 
     Vessel operating expenses (including $247, $60 and $17 respectively, to related party)22,786 21,024 15,679 
     Dry-docking costs399 356 361 
     Vessel depreciation12,392 13,174 7,670 
     Management fees-related parties2,443 5,627 2,596 
     General and administrative expenses (including $360, $360 and $360 respectively, to related party)1,730 1,932 1,943 
     Other operating loss- 4,800 - 
     Loss on sale of vessels- 12,355 - 
     Impairment on vessels12,310 - 1,160 
     Operating income/(loss)3,936 (1,795)14,801 
         
    OTHER EXPENSES:   
     Interest and finance costs (including $948, $0 and $0 respectively, to related party)(18,077)(20,956)(6,998)
     Gain/(Loss) on derivative financial instruments1,601 (814)66 
     Interest income133 34 - 
     Equity gain in unconsolidated joint ventures778 713 747 
     Impairment on unconsolidated joint ventures(3,144)- - 
     Total other expenses, net(18,709)(21,023)(6,185)
         
    Net (loss) / income (14,773)(22,818)8,616 
     Less: Deemed dividend for beneficial conversion feature of Series E Shares(9,339)(1,067)(900)
     Less: Deemed dividend equivalents on Series E Shares related to redemption value(4,227)(3,099)(437)
     Less: Series E Shares Dividend (2,650)(1,796)(1,883)
    Net (loss) / income attributable to common shareholders(30,989)(28,780)5,396 
         
    (Loss) / Earnings per common share, basic and diluted(264.63)(1.22)0.14 
        
    Other comprehensive income   
    Effective portion of changes in fair value of interest swap contracts(1,361)- - 
    Total other comprehensive (loss) / gain(32,350)(28,780)5,396 
           



    TOP SHIPS INC. 
    UNAUDITED CONSOLIDATED BALANCE SHEETS 
    DECEMBER 31, 2020 AND 2021 
      
    (Expressed in thousands of U.S. Dollars - except share and per share data) 
     December 31, December 31,
     2020 2021
    ASSETS   
        
    CURRENT ASSETS:   
        
    Cash and cash equivalents19,328  2,370 
    Trade accounts receivable-  76 
    Prepayments and other904  581 
    Inventories514  671 
    Vessels held for sale24,340  71,636 
    Total current assets45,086  75,334 
        
    FIXED ASSETS:    
        
    Advances for vessels under construction31,654  30,579 
    Vessels, net136,292  156,585 
    Right of use assets from operating leases45,222  37,279 
    Other fixed assets, net548  534 
    Total fixed assets213,716  224,977 
        
    OTHER NON CURRENT ASSETS:   
        
    Restricted cash4,000  4,000 
    Investments in unconsolidated joint ventures28,230  24,477 
    Deposit asset2,000  2,000 
    Total non-current assets34,230  30,477 
        
    Total assets293,032  330,788 
        
    LIABILITIES AND STOCKHOLDERS' EQUITY   
        
    CURRENT LIABILITIES:   
        
    Current portion of long-term debt5,324  7,205 
    Debt related to vessels held for sale-  53,202 
    Due to related parties5,159  29,755 
    Accounts payable2,544  2,308 
    Accrued liabilities959  1,145 
    Unearned revenue2,074  3,658 
    Current portion of derivative financial instruments66  - 
    Current portion of Operating lease liabilities9,288  9,815 
    Total current liabilities25,414  107,088 
        
    NON-CURRENT LIABILITIES:   
        
    Non-current portion of long term debt99,295  90,163 
    Non-current portion of Operating lease liabilities33,805  23,948 
    Other non-current liabilities300  225 
    Total non-current liabilities133,400  114,336 
        
    COMMITMENTS AND CONTINGENCIES-  - 
        
    Total liabilities158,814  221,424 
        
    MEZZANINE EQUITY:   
    Preferred stock; 11,264 and 13,452 Series E Shares issued and outstanding at December 31, 2020 and 2021 with $0.01 par value13,517  16,142 
    Total mezzanine equity13,517  16,142 
        
    STOCKHOLDERS' EQUITY:   
        
    Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D Shares were outstanding at December 31, 2020 and 20211  1 
    Common stock, $0.01 par value; 1,000,000,000 shares authorized; 39,831,972 shares issued and outstanding at December 31, 2020 and 2021398  398 
    Additional paid-in capital465,672  429,577 
    Accumulated deficit(345,370) (336,754)
    Total stockholders' equity120,701  93,222 
        
    Total liabilities, mezzanine equity and stockholders' equity293,032  330,788 
          

    *Non-US GAAP Measures

    This report describes Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA), which is not a measure prepared in accordance with U.S. GAAP (i.e., a "Non-US GAAP" measure). We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, other operating loss, operating lease expenses, vessel impairments, gains on sale of vessels and gains/losses on derivative financial instruments.

    Adjusted EBITDA is a non-U.S. GAAP financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that this non-U.S. GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects between periods of interest, gain/loss on financial instruments, taxes, depreciation and amortization, other operating losses, operating lease expenses, gains on sale of vessels and vessel impairments, and which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods and other items that the Company believes are not indicative of the ongoing performance of its core operations.

    This Non-U.S. GAAP measure should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our definition of Adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries. Adjusted EBITDA does not represent and should not be considered as an alternative to operating income or cash flow from operations, as determined by U.S. GAAP.

    Reconciliation of Net (Loss) / Income to Adjusted EBITDA

    (Expressed in thousands of U.S. Dollars) 2019 2020 2021
    Net (loss)/income  (14,773) (22,818) 8,616 
           
    Add: Operating lease expense 7,054  755  10,840 
    Add: Vessel depreciation 12,392  13,174  7,670 
    Add: Impairment on vessel 12,310  -  1,160 
    Add: Impairment on unconsolidated joint ventures 3,144  -  - 
    Add: Interest and finance costs 18,077  20,956  6,998 
    Add: Loss/(gain) on derivative financial instruments (1,601) 814  (66)
    Add: Loss on sale of vessels -  12,355  - 
    Add: Other operating loss (Time Charter Termination Fees) -  4,800  - 
    Less: Interest income (133) (34) - 
           
    Adjusted EBITDA 36,470  30,002  35,218 
              


    Primary Logo

    Get the next $TOPS alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $TOPS

    DatePrice TargetRatingAnalyst
    More analyst ratings

    $TOPS
    SEC Filings

    See more
    • SEC Form 6-K filed by TOP Ships Inc.

      6-K - TOP SHIPS INC. (0001296484) (Filer)

      6/5/25 8:39:32 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • SEC Form 6-K filed by TOP Ships Inc.

      6-K - TOP SHIPS INC. (0001296484) (Filer)

      6/4/25 8:30:04 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • SEC Form 6-K filed by TOP Ships Inc.

      6-K - TOP SHIPS INC. (0001296484) (Filer)

      4/15/25 8:30:05 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary

    $TOPS
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13D/A filed by TOP Ships Inc. (Amendment)

      SC 13D/A - TOP SHIPS INC. (0001296484) (Subject)

      2/14/24 5:27:23 PM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • SEC Form SC 13G/A filed by TOP Ships Inc. (Amendment)

      SC 13G/A - TOP SHIPS INC. (0001296484) (Subject)

      2/14/24 2:59:13 PM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • SEC Form SC 13D/A filed by TOP Ships Inc. (Amendment)

      SC 13D/A - TOP SHIPS INC. (0001296484) (Subject)

      12/6/23 4:30:09 PM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary

    $TOPS
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • TOP Ships Inc. Announces Ex-Distribution Date for Planned Spin-Off of Rubico, a New Nasdaq-Listed Suezmax Tanker Company

      ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE:TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that the NYSE American (the "NYSE") has established an ex-distribution date for the previously-announced proposed spin-off of two of its Suezmax tanker vessels. Rubico Inc. ("Rubico"), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-e

      6/5/25 8:38:42 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • TOP Ships Inc. Announces Intention to Spin Off a New Nasdaq-Listed Suezmax Tanker Company

      ATHENS, Greece, June 04, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE:TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that it intends to effect a spin-off of two of its Suezmax tanker vessels. Rubico Inc. ("Rubico"), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships i

      6/4/25 8:30:00 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • TOP Ships Inc. Announces Filing of 2024 Annual Report on Form 20-F

      ATHENS, Greece, April 15, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NYSE:TOPS) (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that its annual report on Form 20-F for the year ended December 31, 2024 (the "Annual Report") has been filed with the U.S. Securities and Exchange Commission (the "Commission"). The Annual Report may be accessed through the Company's website, www.topships.org, or on the website of the Commission, www.sec.gov. About TOP Ships Inc. TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petro

      4/15/25 8:30:00 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary

    $TOPS
    Leadership Updates

    Live Leadership Updates

    See more
    • TOP Ships Inc. Announces Transfer of Listing to the NYSE American LLC

      ATHENS, Greece, April 11, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "Top Ships") (NASDAQ:TOPS), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it will transfer the listing of its common shares from the Nasdaq Capital Market ("Nasdaq") to the NYSE American LLC ("NYSE American"). The Company expects to commence trading as a NYSE American-listed company at market open on April 24, 2024 under its existing ticker symbol, "TOPS." The Company's shares will continue to trade on the Nasdaq until the market close on April 23, 2024, beginning trading on the NYSE American at market open on the next trading day without interrupti

      4/11/24 4:30:00 PM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary

    $TOPS
    Financials

    Live finance-specific insights

    See more
    • TOP Ships Inc. Announces Vessel Refinancings and Full Redemption of Series F Perpetual Preferred Shares Held by Related Party

      ATHENS, Greece, Feb. 07, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "Top Ships") (NASDAQ:TOPS), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has entered into five sale and leaseback financing agreements (the "Financing Agreements") with three major Chinese financiers for the refinancing of two 157,000 dwt Suezmax tankers, the M/Ts Eco West Coast and Eco Malibu (already concluded), two 300,000 dwt VLCC tankers, the M/Ts Julius Caesar and Legio X Equestris (already concluded) and one 50,000 dwt MR product tanker, the M/T Eco Marina Del Ray (expected to be concluded between March and May of 2024). The proceeds afte

      2/7/24 9:23:00 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • Top Ships Announces Profit of $5.8 Million and an EPS of $0.13 for the 1st Half of 2023 Marking its Fifth Consecutive Profitable Six-Month Period

      ATHENS, Greece, Aug. 03, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the six months ended June 30, 2023. As of and for six months ended June 30, 2023, the Company reported: Total revenues of $41.1 millionNet Income of $5.8 millionEarnings Per Share ("EPS") of $0.13 and diluted EPS of $0.10EBITDA* of $23.4 millionTotal Assets of $446.2 millionTotal Cash and Cash Equivalents including Restricted Cash of $13.6 million Mr. Evangelos J. Pistiolis, the President, Chief Executive Officer and Director of the Company, remarked: "We are delighted to

      8/3/23 8:52:02 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary
    • TOP Ships Announces Record Net Income of $18.9 Million for the Year Ended December 31, 2022, 120% Increase From 2021, and Adoption of Shareholder-Friendly Measures Including Moratorium on New Equity Offerings

      ATHENS, Greece, March 01, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2022. As of and for the year ended December 31, 2022, the Company reported: Total revenues of $80.7 million (43% increase from the year ended December 31, 2021)Net Income of $18.9 million (120% increase from the year ended December 31, 2021)EBITDA* of $46.6 million (100% increase from the year ended December 31, 2021)Total Assets of $469.3 million (42% increase from December 31, 2021)Total Cash and cash equivalents including Restricted Cash of $

      3/1/23 8:30:00 AM ET
      $TOPS
      Marine Transportation
      Consumer Discretionary