TOP Ships Inc. Announces Net Income of $6.5 Million, Diluted Earnings per Share of $0.61 and Stockholders’ Equity of $76.7 Million for the Six Months Ended June 30, 2026
TOP Ships pairs first-half 2026 profitability with a heavily charter-backed MR tanker newbuilding program totaling $680.4 million in contracted revenue.
Rhea-AI Summary
TOP Ships (TOPS) reported net income of $6.5 million and diluted EPS of $0.61 for the six months ended June 30, 2026.
Revenue was $25.5 million, EBITDA $17.2 million and net cash from operating activities $11.1 million. As of June 30, 2026, cash and cash equivalents (including restricted cash) were $13.3 million, total assets $373.5 million and stockholders’ equity $76.7 million.
The company’s newbuilding program now includes eight 47,499 dwt MR product tankers with seven-year charters to Trafigura and three 49,940 dwt MR tankers with five-year charters to an oil major, representing contracted revenue of $680.4 million including optional periods. Approximately 85% of construction installments are financed or expected to be financed via lease arrangements.
Positive
- Net income of $6.5 million for six months ended June 30, 2026
- Diluted EPS of $0.61 and basic EPS of $0.68 for the period
- EBITDA of $17.2 million and operating cash flow of $11.1 million in first half 2026
- Stockholders’ equity of $76.7 million and total assets of $373.5 million as of June 30, 2026
- Contracted revenue of $539.8 million from eight MR newbuildings chartered to Trafigura, including optional periods
- Additional contracted revenue of $140.6 million from three MR newbuildings chartered to an oil major, including optional periods
- Total contracted revenue of $680.4 million from the MR newbuilding program, including optional periods
- Approximately 85% of construction installments for the MR newbuildings financed or expected to be financed via lease arrangements
Negative
- Net income declined to $6.5 million in first half 2026 from $7.6 million in first half 2025
- EBITDA decreased to $17.2 million for six months ended June 30, 2026 from $24.4 million in the prior-year period
News Explained
TOP Ships has agreed to add three tankers, but closing remains pending; $23.5 million from a canceled Dubai deal is being redirected into the purchase.
TOP Ships has agreed to acquire three shipowning companies with MR newbuildings, but closing is expected by
The company applied the
Details
Market reaction after six-month earnings report: TOPS -12.25%
Following this news, TOPS has declined 12.25%, reflecting a significant negative market reaction. Argus tracked a peak move of +7.2% during the session. Our momentum scanner has triggered 19 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $0.70. Trading volume is exceptionally heavy at 716.9x the average, suggesting significant selling pressure.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Net Income
- $6.5 million
- Six months ended June 30, 2026
- Revenue
- $25.5 million
- Six months ended June 30, 2026
- EBITDA
- $17.2 million
- Six months ended June 30, 2026
- Operating Cash Flow
- $11.1 million
- Six months ended June 30, 2026
- Diluted EPS
- $0.61
- Six months ended June 30, 2026
- Stockholders’ Equity
- $76.7 million
- As of June 30, 2026
- Contracted Revenue
- $680.4 million
- Newbuilding program including optional charter periods
- Construction Installment Financing
- Approximately 85%
- Newbuilding construction installments financed or expected to be financed through lease financing
Historical Context
-
Three MR tanker SPVs added $140.6 million of potential charter revenue backlog.
-
Company agreed to sell one 47,499 dwt MR tanker newbuilding.
-
The $23.5 million advance payment was returned for tanker-business redeployment.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ebitda financial
time charter technical
scrubber-fitted technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Sept. 16, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, today announced its financial results for the six months ended June 30, 2026. The Company reported net income of
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
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
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
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
About the Company
TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. The Company’s tanker operating fleet has a total capacity of 857,000 dwt and consists of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt VLCCs and, through a joint venture,
Non-GAAP Measures
EBITDA is not a measure prepared in accordance with U.S. GAAP. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is used as a supplemental financial measure by management and by external users of the Company’s financial statements to assess financial and operating performance, and the Company believes it assists investors by increasing the comparability of its performance from period to period. EBITDA is not an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP, and as presented may not be comparable to similarly titled measures of other companies. The table below reconciles EBITDA to net income, the most directly comparable U.S. GAAP measure.
Reconciliation of Net Income to EBITDA – Six months ended June 30,
| (Expressed in millions of U.S. Dollars) | 2025 | 2026 | ||
| Net Income | 7.6 | 6.5 | ||
| Add: Vessel depreciation | 6.9 | 5.1 | ||
| Add: Interest and finance costs | 10.0 | 5.7 | ||
| Less: Interest income | (0.1) | (0.1) | ||
| EBITDA | 24.4 | 17.2 |
For more information about TOP Ships Inc., visit its website: www.topships.org.
Cautionary Note Regarding 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, including with respect to the expected delivery of the Company’s newbuilding vessels, the expected closing of the share purchase agreement described herein, the expected financing of the Company’s remaining contractual commitments, the commencement and performance of the time charters referred to herein, the intended divestiture of the Company’s megayacht and potential equity release that may be realized in connection with a divestiture, the redeployment of capital, and the Company’s expectations regarding the positioning of its fleet and its future operating performance.
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. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TOP Ships’ key cash and balance sheet figures as of June 30, 2026?
As of June 30, 2026, TOP Ships 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.
What is included in TOP Ships’ MR tanker newbuilding program and when are the vessels scheduled for delivery?
The program includes eight 47,499 dwt MR product tankers scheduled for delivery from the second quarter of 2028 through the fourth quarter of 2029, one of which the company has agreed to sell, and three 49,940 dwt MR newbuildings scheduled for delivery in 2029. Closing of the acquisition of the three shipowning companies for these latter vessels is expected by September 30, 2026.
What charter arrangements back TOP Ships’ new MR vessels?
Each of the eight 47,499 dwt MR newbuildings has a seven-year time charter with Trafigura starting on delivery, plus a charterer’s option for four additional years, representing contracted revenue of $539.8 million including optional periods and excluding the vessel contracted to be sold. The three 49,940 dwt MR newbuildings have five-year time charters to an oil major with a one-year charterer’s option, adding $140.6 million of contracted revenue including optional periods.
How did TOP Ships redeploy the funds from the potential Dubai real estate acquisition?
In July, TOP Ships elected not to proceed with the potential acquisition of certain residential real estate assets in Dubai and applied the $23.5 million previously paid under the related letter of intent toward the acquisition of the three MR newbuildings described in the release.
What is TOP Ships’ current operating fleet composition and capacity?
TOP Ships’ tanker operating fleet has total capacity of 857,000 dwt and consists of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt VLCCs, and, through a joint venture, 50% interests in two 50,000 dwt product tankers. In addition, the company owns the megayacht M/Y Para Bellvm, which it intends to divest.