TOP Ships Inc., an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced its financial results for the six months ended June 30, 2026. The Company reported net income of $6.5 million, revenues of $25.5 million, EBITDA of $17.2 million and net cash provided by operating activities of $11.1 million. Basic and diluted earnings per common share were $0.68 and $0.61, respectively. As of June 30, 2026, the Company had cash and cash equivalents (including restricted cash) of $13.3 million, total assets of $373.5 million and total stockholders’ equity of $76.7 million. The Company’s unaudited interim condensed consolidated financial statements and related operating and financial review for the six months ended June 30, 2026 are included in the Company’s Report on Form 6-K furnished to the Securities and Exchange Commission on September 15, 2026.
Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships, commented:
“The first half of 2026 was profitable and cash-generative. We earned net income of $6.5 million and EBITDA of $17.2 million on revenues of $25.5 million and generated $11.1 million of net cash from operating activities.
At the same time, we have significantly reshaped the Company’s growth profile. Our newbuilding program now comprises eight high-specification 47,499 dwt MR product tankers scheduled for delivery between 2028 and 2029, one of which we have agreed to sell. Each vessel comes with a seven-year time charter with Trafigura commencing on its delivery, with a charterer’s option to extend for four additional years, representing contracted revenue of $539.8 million, including the optional periods and excluding the vessel we have contracted to sell.
Subsequent to June 30, 2026, we agreed to acquire three additional high-specification, scrubber-fitted 49,940 dwt MR newbuildings, which come with five-year time charters to an oil major, with a charterer’s option to extend for one additional year, adding $140.6 million of contracted revenue including the optional periods. Approximately 85% of the construction installments for these vessels are financed, or expected to be financed, through lease financing arrangements agreed as part of these transactions.
The result is a modern, fuel-efficient fleet with employment secured from the delivery of each vessel. In aggregate, our newbuilding program represents contracted revenue, including the optional periods, of $680.4 million, providing long-term revenue visibility. Consistent with this focus on our core business, in July we elected not to proceed with the potential acquisition of certain residential real estate assets in Dubai and applied the $23.5 million paid under the related letter of intent toward the acquisition of the three MR newbuildings referred to above. Finally, we continue to pursue the divestiture of the megayacht M/Y Para Bellvm with the objective of releasing capital for redeployment into our core tanker business.”