Top Ships Reports $1.7 Million Profit for the Six Months Ended June 30, 2021
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today its unaudited financial results for the six months ended June 30, 2021.
For the six months ended June 30, 2021, the Company reported:
Total revenues of $25.3 million
Net Income of $1.7 million
Adjusted EBITDA of $14.3 million*
Total Assets of $353.1 million
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“2021 has been another transformative year for the company. We completed the sale of all our non-scrubber fitted vessels and expanded our Crude Oil Tanker fleet with the delivery of two very high-specification Suezmax vessels, during the first half, and the addition of two very high specification VLCCs and one Suezmax newbuilding tanker, acquired recently, which are expected to be delivered during the first quarter of 2022 from Hyundai Heavy in South Korea, a world-class shipbuilder. All the vessels in our fleet, including our newbuildings, are and will be equipped with engines of modern design with improved Specific Fuel Oil Consumption (SFOC) and in compliance with the latest emission requirements, fitted with energy saving improvements in the hull, propellers, rudder as well as equipment that further reduces the fuel consumption and the emissions certified with an improved Energy Efficiency Design Index (Phase 2 compliance level as minimum). Furthermore, all of our vessels are fitted with ballast water treatment equipment and exhaust gas cleaning systems (scrubbers).
The two Suezmaxes that were delivered to our fleet in March and May 2021 were major contributors to our results for the first half of the year and we expect an even more significant contribution in the results of the second half of the year.”
Source: Top Ships