TOP Ships Inc., an international owner and operator of high-efficiency "ECO" tankers, announced its financial results for the first half of 2026. The company achieved a net income of $6.5 million and revenue of $25.5 million during this period. The company's EBITDA was reported at $17.2 million, and cash flow from operating activities was $11.1 million.
Financial Details
Net income per common share was $0.68 and $0.61 per diluted share. As of June 30, 2026, the company had $13.3 million in cash and cash equivalents (including restricted cash) and total assets worth $373.5 million. Shareholders' equity also reached $76.7 million.
Fleet Expansion Plans
Evangelos J. Pistiolis, President and CEO of TOP Ships, noted that the first half of 2026 was profitable and cash-generating for the company. The company's newbuilding program includes eight MR tankers with a capacity of 47,499 DWT, expected to be delivered between 2028 and 2029. These vessels have seven-year lease contracts with Trafigura, with total contracted revenue including optional periods reaching $539.8 million.
After June 30, 2026, the company agreed to purchase three new MR vessels with a capacity of 49,940 DWT, which have five-year lease contracts with a major oil company. These contracts include a one-year extension option and add $140.6 million in additional contracted revenue. Approximately 85% of the construction installments for these vessels are financed through lease financing agreements.
These developments have led to the creation of a modern and fuel-efficient fleet, with employment secured from the delivery of each vessel. Overall, the company's newbuilding program represents contracted revenue of $680.4 million, including optional periods, contributing to an enhanced long-term revenue outlook. In light of the focus on core business, it was decided in July to forgo the purchase of certain residential real estate assets in Dubai, and the $23.5 million paid under the letter of intent will be allocated to the purchase of three new MR vessels.
