H1 2026
Filed Sep 17, 2026TOP 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
The Company remained profitable and cash-generative in H1 2026, but the reported EBITDA and net income reconciliation figures were below the comparable prior-year six-month figures. Management emphasized contracted future newbuilding revenue and a shift of capital toward tanker assets.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, six months ended June 30, 2026GAAP | $25.5M | – | – |
| Net income, six months ended June 30, 2026GAAP | $6.5M | – | – |
| Basic earnings per common share, six months ended June 30, 2026GAAP | $0.68 | – | – |
| Diluted earnings per common share, six months ended June 30, 2026GAAP | $0.61 | – | – |
| EBITDA, six months ended June 30, 2026non-GAAP | $17.2M | – | – |
| Vessel depreciation, six months ended June 30, 2026GAAP | 5.1 | – | – |
| Interest and finance costs, six months ended June 30, 2026GAAP | 5.7 | – | – |
| Interest income, six months ended June 30, 2026GAAP | (0.1) | – | – |
| Net cash provided by operating activities, six months ended June 30, 2026GAAP | $11.1M | – | – |
| Cash and cash equivalents (including restricted cash), June 30, 2026GAAP | $13.3M | – | – |
| Total assets, June 30, 2026GAAP | $373.5M | – | – |
| Total stockholders’ equity, June 30, 2026GAAP | $76.7M | – | – |
What drove it
- The tanker operating fleet has a total capacity of 857,000 dwt.
- The Company’s newbuilding program comprises eight high-specification 47,499 dwt MR product tankers scheduled for delivery between 2028 and 2029, one of which the Company agreed to sell.
- Each of the remaining newbuilding vessels has a seven-year time charter with Trafigura commencing upon delivery and a charterer option to extend for four additional years.
- The Company agreed subsequent to June 30, 2026 to acquire three additional high-specification, scrubber-fitted 49,940 dwt MR newbuildings with five-year time charters to an oil major and a charterer option to extend for one additional year.
- Aggregate newbuilding contracted revenue, including optional periods, was $680.4 million.
- The Company applied the $23.5 million paid under a Dubai residential real estate letter of intent toward the acquisition of the three MR newbuildings.
Concerns
- EBITDA was 17.2 for the six months ended June 30, 2026, compared with 24.4 for the six months ended June 30, 2025.
- Net income was 6.5 for the six months ended June 30, 2026, compared with 7.6 for the six months ended June 30, 2025.
- Closing of the share purchase agreement for the three shipowning companies is expected to occur by September 30, 2026.
- Approximately 85% of construction installments for the three additional MR newbuildings are financed, or expected to be financed, through lease financing arrangements.
- The Company continues to pursue the divestiture of the megayacht M/Y Para Bellvm.
What to watch
- Expected closing by September 30, 2026 of the acquisition of three shipowning companies with contracts for three 49,940 dwt MR newbuildings.
- Delivery of the eight 47,499 dwt MR newbuilding tankers from the second quarter of 2028 through the fourth quarter of 2029.
- Delivery of the three additional 49,940 dwt MR newbuilding tankers in 2029.
- Financing of the remaining contractual commitments and construction installments.
- Progress on the intended divestiture of M/Y Para Bellvm and redeployment of released capital into the tanker business.
Balance sheet and cash flow
- Net cash provided by operating activities was $11.1 million for the six months ended June 30, 2026.
- Cash and cash equivalents (including restricted cash) were $13.3 million as of June 30, 2026.
- Total assets were $373.5 million as of June 30, 2026.
- Total stockholders’ equity was $76.7 million as of June 30, 2026.
Analysis
TOP Ships reported H1 2026 revenue of $25.5 million, net income of $6.5 million and net cash provided by operating activities of $11.1 million. Basic and diluted earnings per common share were $0.68 and $0.61, respectively. The period was profitable and cash-generative, with $13.3 million of cash and cash equivalents including restricted cash at June 30, 2026.
The EBITDA reconciliation shows EBITDA of $17.2 million for the six months ended June 30, 2026, compared with 24.4 for the six months ended June 30, 2025. Net income was 6.5 compared with 7.6 in the prior-year six-month period. Vessel depreciation was 5.1 versus 6.9, while interest and finance costs were 5.7 versus 10.0. Interest income was (0.1) in both periods.
Management’s main strategic emphasis was the expansion of its contracted tanker newbuilding program. Eight 47,499 dwt MR product tanker newbuildings are scheduled for delivery between 2028 and 2029, with one agreed to be sold. The remaining vessels have seven-year Trafigura charters beginning at delivery, with options for four additional years, representing contracted revenue of $539.8 million including optional periods and excluding the vessel contracted for sale. Three additional 49,940 dwt MR newbuildings, acquired subsequent to June 30, 2026, add $140.6 million of contracted revenue including optional periods.
In aggregate, management cited $680.4 million of contracted revenue including optional periods for the newbuilding program. The Company said approximately 85% of construction installments for the three additional vessels are financed, or expected to be financed, through lease financing arrangements. It also redirected the $23.5 million paid under a Dubai residential real estate letter of intent toward the newbuilding acquisition, consistent with its stated focus on the core tanker business.
Balance-sheet attention points include total assets of $373.5 million and total stockholders’ equity of $76.7 million at June 30, 2026. Near-term execution items are the expected closing by September 30, 2026 of the acquisition of the three shipowning companies, financing of remaining contractual commitments, delivery of the newbuildings beginning in 2028, and the intended divestiture of M/Y Para Bellvm to release capital for tanker redeployment.
Management, verbatim
The first half of 2026 was profitable and cash-generative.
Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships
In aggregate, our newbuilding program represents contracted revenue, including the optional periods, of $680.4 million, providing long-term revenue visibility.
Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships
Finally, we continue to pursue the divestiture of the megayacht M/Y Para Bellvm with the objective of releasing capital for redeployment into our core tanker business.
Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships
Not in the filing
stated, not guessed- Prior-year revenue for the six months ended June 30, 2026
- Prior-year basic earnings per common share
- Prior-year diluted earnings per common share
- Gross profit and gross margin
- Operating income
- Prior-year operating cash flow
- Free cash flow
- Debt
- Capital returns, including share repurchases and dividends
- Segment revenue and segment profitability
- Formal financial guidance for revenue, gross margin, operating expenses, tax rate, earnings or cash flow
- Prior outlook for comparison
- Prior-year cash, total assets and total stockholders’ equity
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.