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 Inc. has reported its financial results for the six months ending June 30, 2026, with a net income of $6.5 million and diluted earnings per share of $0.61. The company's revenues amounted to $25.5 million, and it generated $17.2 million in EBITDA, along with $11.1 million in net cash from operating activities. As of June 30, 2026, TOP Ships had $13.3 million in cash and cash equivalents, $373.5 million in total assets, and $76.7 million in stockholders' equity.

Evangelos J. Pistiolis, the company's President and CEO, noted that the first half of 2026 was profitable and cash-generative, highlighting their newbuilding program of eight high-specification 47,499 dwt MR product tankers, with one vessel agreed to be sold. These new vessels are part of a $539.8 million contracted revenue deal, with seven-year time charters to Trafigura and an option to extend for four additional years.

Additionally, TOP Ships has secured $140.6 million in contracted revenue through three additional high-specification, scrubber-fitted 49,940 dwt MR newbuildings, with five-year time charters to an oil major and an option to extend for one year. The company plans to finance approximately 85% of the construction costs for these vessels through lease financing arrangements.