Top Ships Inc (TOPS)

[S-BEES-BUMBLEBEE]

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

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%

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.

For more information about TOP Ships Inc., visit its website: https://www.topships.org.

https://finance.yahoo.com/news/top-ships-announces-412-increase-125700028.html