TOP Ships Inc Reports Strong Profit and Announces Newbuilding Program
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ATHENS, Greece, Sept. 16, 2026 /CourierPR/ -- TOP Ships Inc reported strong financial results for the six months ending June 30, 2026, with a net income of $6.5 million and an earnings per share of $0.61. The company generated revenues of $25.5 million and achieved an EBITDA of $17.2 million, while net cash provided by operating activities stood at $11.1 million.
Evangelos J. Pistiolis, the President and CEO of TOP Ships, commented on the company's performance, stating, "The first half of 2026 was profitable and cash-generative. We earned net income of $6.5 million and EBITDA of $17.2 million on revenues of $25.5 million and generated $11.1 million of net cash from operating activities."
Pistiolis also highlighted the company's strategic initiatives, including a significant newbuilding program. TOP Ships has contracted for the construction of eight high-specification 47,499 dwt MR product tankers, scheduled for delivery between the second quarter of 2028 and the fourth quarter of 2029. One of these vessels will be sold, and the remaining seven will be chartered to Trafigura for a period of seven years, with an option to extend for four additional years. This arrangement is expected to generate contracted revenue of $539.8 million, including the optional periods.
In addition, the company has entered into a share purchase agreement to acquire three shipowning companies that have contracted for the construction of three high-specification 49,940 dwt MR newbuilding tankers. These vessels will come with five-year time charters to an oil major, with a charterer’s option to extend for one additional year. The total contracted revenue from these vessels is estimated at $140.6 million, including the optional periods.
Pistiolis emphasized that the newbuilding program will result in a modern, fuel-efficient fleet with employment secured from the delivery of each vessel. The newbuildings are expected to provide long-term revenue visibility, with a total contracted revenue of $680.4 million, including the optional periods.
The company’s financial health is also reflected in its balance sheet. As of June 30, 2026, TOP Ships had cash and cash equivalents (including restricted cash) of $13.3 million, total assets of $373.5 million, and total stockholders’ equity of $76.7 million.
In July, the company elected not to proceed with the potential acquisition of certain residential real estate assets in Dubai and instead used the $23.5 million paid under the related letter of intent to acquire the three MR newbuildings. This decision aligns with the company’s focus on its core tanker business.
TOP Ships Inc continues to pursue the divestiture of its megayacht M/Y Para Bellvm, with the objective of releasing capital for redeployment into its core tanker business. The company’s executive offices are located in Athens, Greece, and its common shares trade on the NYSE American under the symbol “TOPS.”
The company’s newbuilding program and strategic acquisitions are expected to enhance its operational efficiency and long-term profitability. With a modern, fuel-efficient fleet and a clear growth profile, TOP Ships Inc is well-positioned for future success in the tanker industry.