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, 2021.

For the six months ended June 30, 2021, the Company reported:

  • Total revenues of $25.3 million
  • Net Income of $1.7 million
  • Adjusted EBITDA of $14.3 million*
  • Total Assets of $353.1 million

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

“2021 has been another transformative year for the company. We completed the sale of all our non-scrubber fitted vessels and expanded our Crude Oil Tanker fleet with the delivery of two very high-specification Suezmax vessels, during the first half, and the addition of two very high specification VLCCs and one Suezmax newbuilding tanker, acquired recently, which are expected to be delivered during the first quarter of 2022 from Hyundai Heavy in South Korea, a world-class shipbuilder. All the vessels in our fleet, including our newbuildings, are and will be equipped with engines of modern design with improved Specific Fuel Oil Consumption (SFOC) and in compliance with the latest emission requirements, fitted with energy saving improvements in the hull, propellers, rudder as well as equipment that further reduces the fuel consumption and the emissions certified with an improved Energy Efficiency Design Index (Phase 2 compliance level as minimum). Furthermore, all of our vessels are fitted with ballast water treatment equipment and exhaust gas cleaning systems (scrubbers).

The two Suezmaxes that were delivered to our fleet in March and May 2021 were major contributors to our results for the first half of the year and we expect an even more significant contribution in the results of the second half of the year.”

*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

  Six months ended June 30,
(Expressed in thousands of U.S. Dollars) 2020  2021 
Net (Loss) / Income (2,868)   1,682  
  Add: Operating lease expenses -   5,378  
  Add: Vessel depreciation 7,172   3,339  
  Add: Impairment on vessels -   1,160  
  Add: Interest and finance costs 10,551   2,837  
  Add: Loss / (Gain) on financial instruments 849   (66)  
  Add: Other operating loss 4,050   -  
  Less: Gain on sale of vessels (5,291)   -  
  Less: Interest income (29)   -  
Adjusted EBITDA 14,434   14,330  

About TOP Ships Inc.

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

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

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.


Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email:

TOP SHIPS INC.        
(Expressed in thousands of U.S. Dollars - except share and per share data)    
      Six Months Ended
      June 30,   June 30,
      2020    2021 
  Time charter revenues $ 32,594   $ 25,310  
  Total revenues   32,594     25,310  
  Voyage expenses   1,209     608  
  Operating lease expenses   -     5,378  
  Other vessel operating expenses   11,218     7,919  
  Vessel depreciation   7,172     3,339  
  Management fees-related parties   4,573     1,661  
  Dry-docking costs   356     26  
  Gain on sale of vessels   (5,291 )   -  
  Other operating loss   4,050     -  
  Impairment on vessels   -     1,160  
  General and administrative expenses   972     963  
  Operating income   8,335     4,256  
  Interest and finance costs   (10,551 )   (2,837 )
  (Loss)/ gain on derivative financial instruments   (849 )   66  
  Equity gains in unconsolidated joint ventures   168     197  
  Interest income   29     -  
  Total other expenses, net   (11,203 )   (2,574 )
Net (loss) / income and comprehensive (loss) / income   (2,868 )   1,682  
  Less: Deemed dividend for beneficial conversion feature of Series E Shares   (1,067 )   -  
  Less: Deemed dividend equivalents on Series E Shares related to redemption value   (3,099 )   -  
  Less: Dividends of Series E Shares   (932 )   (915 )
Net (loss) / income and comprehensive (loss) / income attributable to common shareholders   (7,966 )   767  
(Loss) / Earnings per common share, basic and diluted   (1.09 )   0.02  
Weighted average common shares outstanding, basic and diluted 7,302,633     39,831,972  
DECEMBER 31, 2020 AND JUNE 30, 2021      
(Expressed in thousands of U.S. Dollars - except share and per share data)      
  December 31,   June 30,
  2020    2021 
Cash and cash equivalents 19,328     8,393  
Trade accounts receivable -     57  
Prepayments and other 904     653  
Inventories 514     671  
Vessels held for sale 24,340     25,887  
Total current assets 45,086     35,661  
Advances for vessels under construction 31,654     3,200  
Vessels, net 136,292     232,552  
Right of use assets from operating leases 45,222     41,280  
Other fixed assets, net 548     539  
Total fixed assets 213,716     277,571  
Restricted cash 4,000     4,000  
Investments in unconsolidated joint ventures 28,230     25,426  
Investments in affiliates -     8,425  
Deposit asset 2,000     2,000  
Total other non-current assets 34,230     39,851  
Total assets 293,032     353,083  
Current portion of long-term debt 5,324     10,061  
Debt related to vessels held for sale -     19,314  
Due to related parties 5,159     6,189  
Accounts payable 2,544     2,535  
Accrued liabilities 959     1,382  
Unearned revenue 2,074     3,976  
Current portion of derivative financial instruments 66     -  
Current portion of Operating lease liabilities 9,288     9,601  
Total current liabilities 25,414     53,058  
Non-current portion of long term debt 99,295     145,711  
Non-current portion of Operating lease liabilities 33,805     28,864  
Other non-current liabilities 300     275  
Total non-current liabilities 133,400     174,850  
Total liabilities 158,814     227,908  
Preferred stock; 11,264 Series E Shares issued and outstanding at December 31, 2020 and June 30, 2021 with $0.01 par value 13,517     13,517  
Total mezzanine equity 13,517     13,517  
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 June 30, 2021 1     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 June 30, 2021 398     398  
Additional paid-in capital 465,672     454,947  
Accumulated deficit (345,370 )   (343,688 )
Total stockholders’ equity 120,701     111,658  
Total liabilities, mezzanine equity and stockholders’ equity 293,032     353,083  
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