Top Ships reports highest profit since 2008

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TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced 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:”

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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.