TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for six months ended June 30, 2022.

For the six months ended June 30, 2022, the Company reported:

  • Total revenues of $38.8 million (53% increase from 1st half 2021)
  • Net Income of $8.6 million (412% increase from 1st half 2021)
  • Adjusted EBITDA of $26.9 million* (88% increase from 1st half 2021)
  • Total Assets of $475.4 million (44% increase from December 31, 2021)

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

“We are very happy to report a dramatic year-on-year increase in net income for the six months ended June 30, 2022, which represents our highest reported net income for a six month period since 2005. Furthermore, as of June 30, 2022, our fixed revenue backlog is about $278.5 million and our charter coverage is as per below table:

Year Time Charter Coverage
2022 (remainder) 100%
2023 100%
2024 76%
2025 17%
2026+ 10%

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 TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org

 
TOP SHIPS INC.
           
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2022
(Expressed in thousands of U.S. Dollars - except share and per share data)
      Six Months Ended
      June 30,   June 30,
      2021   2022
REVENUES:        
           
  Time charter revenues $ 25,310   $ 36,060  
  Time charter revenues from related parties   -     2,786  
  Total revenues   25,310     38,846  
           
EXPENSES:        
           
  Voyage expenses   608     875  
  Operating lease expenses   5,378     5,378  
  Other vessel operating expenses   7,919     9,705  
  Vessel depreciation   3,339     6,114  
  Management fees-related parties   1,661     1,030  
  Dry-docking costs   26     -  
  Gain on sale of vessels   -     (78 )
  Impairment on vessels   1,160     -  
  General and administrative expenses   963     691  
           
  Operating income   4,256     15,131  
           
OTHER INCOME (EXPENSES):        
           
  Interest and finance costs   (2,837 )   (6,927 )
  Gain on derivative financial instruments   66     -  
  Equity gains in unconsolidated joint ventures   197     401  
           
  Total other expenses, net   (2,574 )   (6,526 )
           
Net income and comprehensive income   1,682     8,605  
           
Less: Deemed dividend equivalents on Series F Shares related to redemption value   -     (14,400 )
Less: Dividends of preferred shares   (915 )   (7,322 )
           
Net income/(loss) and comprehensive income/(loss) attributable to common shareholders   767     (13,117 )
             
 
TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2021 AND JUNE 30, 2022
 
(Expressed in thousands of U.S. Dollars - except share and per share data)
       
  December 31,   June 30,
  2021   2022
ASSETS      
       
CURRENT ASSETS:      
Cash and cash equivalents 2,370     14,267  
Trade accounts receivable 76     293  
Prepayments and other 581     1,061  
Inventories 671     936  
Vessels held for sale 71,636     -  
Total current assets 75,334     16,557  
       
FIXED ASSETS:      
Advances for vessels under construction 30,579     -  
Vessels, net 156,585     396,234  
Right of use assets from operating leases 37,279     33,058  
Other fixed assets, net 534     530  
Total fixed assets 224,977     429,822  
       
OTHER NON CURRENT ASSETS:      
Restricted cash 4,000     4,000  
Investments in unconsolidated joint ventures 24,477     23,027  
Deposit asset 2,000     2,000  
Total non-current assets 30,477     29,027  
       
Total assets 330,788     475,406  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
       
CURRENT LIABILITIES:      
Current portion of long-term debt 7,205     14,949  
Debt related to vessels held for sale 53,202     -  
Due to related parties 29,755     1,787  
Accounts payable 2,308     2,338  
Accrued liabilities 1,145     1,736  
Unearned revenue 3,658     4,923  
Current portion of Operating lease liabilities 9,815     9,213  
Total current liabilities 107,088     34,946  
       
NON-CURRENT LIABILITIES:      
Non-current portion of long term debt 90,163     229,509  
Non-current portion of Operating lease liabilities 23,948     19,642  
Other non-current liabilities 225     175  
Total non-current liabilities 114,336     249,326  
       
COMMITMENTS AND CONTINGENCIES -     -  
       
Total liabilities 221,424     284,272  
       
MEZZANINE EQUITY:      
Preferred stock, $0.01 par value; 20,000,000 shares authorized; 13,452 Series E Shares issued and outstanding at December 31, 2021 and 13,452 Series E Shares and 7,200,000 Series F Shares issued and outstanding at June 30, 2022 -     72  
Preferred stock, Paid-in capital in excess of par 16,142     102,470  
Total mezzanine equity 16,142     102,542  
       
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, 2021 and June 30, 2022 1     1  
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 1,991,598 shares issued and outstanding at December 31, 2021 and 2,356,041 shares issued and outstanding at June 30, 2022 19     23  
Additional paid-in capital 429,956     416,717  
Accumulated deficit (336,754 )   (328,149 )
Total stockholders’ equity 93,222     88,592  
       
Total liabilities, mezzanine equity and stockholders’ equity 330,788     475,406  
           

*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) 2021 2022
       
Net (Loss) / Income 1,682 8,605
       
  Add: Operating lease expenses 5,378 5,378
  Add: Vessel depreciation 3,339 6,114
  Add: Impairment on vessels 1,160 -
  Add: Interest and finance costs 2,837 6,927
  Add: Loss / (Gain) on financial instruments (66) -
  Less: Gain on sale of vessels - (78)
Adjusted EBITDA 14,330 26,946
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