Earnings ·
Top Ships reports $6.5M net income, a 14% decline from prior year
TOPSTop Ships Inc.
Top Ships Inc. reported net income of $6.5 million for the six months ended June 30, 2026, a 14% decline from $7.6 million in the prior year period. Revenues fell 42% to $25.5 million due to the August 2025 spin-off of Rubico Inc., which removed two tankers from the fleet, and the expiration of operating leases for M/T Eco Bel Air and M/T Eco Beverly Hills. Interest expenses decreased by 43% to $5.7 million following refinancing under the New Huarong Facility and lower SOFR rates. The company sold its stake in Roman Shark VII Inc. for $6.3 million, consummated on August 14, 2026, and entered into an agreement to sell Roman Shark V Inc. for $6.5 million by September 30, 2026. Additionally, Top Ships agreed to acquire three newbuilding MR tankers from Central Mare Inc. for $30.9 million. The company operates in the international maritime shipping industry, owning and operating eco-friendly tanker vessels for crude oil, petroleum products, and chemicals.