Nordic American Tankers Ltd (NAT)

[conix]

TOP Ships Announces a 412% Increase in Net Income for the Six Months Ended June 30

September 28 2022 - 08:57AM


TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for six months ended June 30, 2022.

For the six months ended June 30, 2022, the Company reported:

Total revenues of $38.8 million (53% increase from 1st half 2021)
Net Income of $8.6 million (412% increase from 1st half 2021)
Adjusted EBITDA of $26.9 million* (88% increase from 1st half 2021)
Total Assets of $475.4 million (44% increase from December 31, 2021)

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

“We are very happy to report a dramatic year-on-year increase in net income for the six months ended June 30, 2022, which represents our highest reported net income for a six month period since 2005. Furthermore, as of June 30, 2022, our fixed revenue backlog is about $278.5 million and our charter coverage is as per below table:
Year Time Charter Coverage
2022 (remainder) 100%
2023 100%
2024 76%
2025 17%
2026+ 10%

”