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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TOP Ships Inc | NASDAQ:TOPS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.38 | 12.38 | 13.25 | 0 | 01:00:00 |
TOP SHIPS INC.
|
|
(Registrant)
|
|
Dated: February 2, 2018
|
By:
/s/ Evangelos Pistiolis
|
Evangelos Pistiolis
Chief Executive Officer
|
Year Ended December 31,
|
||||||||
(Expressed in thousands of U.S. Dollars)
|
2016
|
2017
|
||||||
Net
income/(loss)
and comprehensive
income/(loss)
|
1,052
|
(13,372
|
)
|
|||||
Add: Bareboat charter hire expenses
|
6,299
|
6,282
|
||||||
Add: Amortization of prepaid bareboat charter hire
|
1,577
|
1,657
|
||||||
Add: Vessel depreciation
|
3,467
|
5,744
|
||||||
Add: Interest and finance costs
|
3,093
|
15,793
|
||||||
Add: Loss on derivative financial instruments
|
698
|
301
|
||||||
Adjusted EBITDA
|
16,186
|
16,405
|
- |
100% of the issued and outstanding shares of PCH Dreaming Inc., a Marshall Islands company that has entered into a new building contract for a high specification 50,000 dwt Medium Range ("MR") product/chemical tanker under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea and scheduled for delivery during March 2019. The Company has acquired the shares from Ships International Inc. (the "Seller"), an entity affiliated with the Company's Chief Executive Officer, for an aggregate purchase price of $3.95 million. Following its delivery, the vessel will enter into a time charter with an entity affiliated with the Seller for a firm duration of one year at a gross daily rate of $16,000, with a charterer's option to extend for two additional years at $17,000 and $18,000, respectively.
|
- |
100% of the issued and outstanding shares of South California Inc., a Marshall Islands company that has entered into a new building contract for a high specification, scrubber-equipped, 157,000 dwt Suezmax Crude Oil Carrier under construction at Hyundai Samho Heavy Industries Co. Ltd. in South Korea and scheduled for delivery during April 2019. The Company has acquired the shares from the Seller for an aggregate purchase price of $8.95 million. Following its delivery, the vessel will enter into a time charter with an entity affiliated with the Seller for a firm duration of one year at a gross daily rate of $25,000, with a charterer's option to extend for two additional years at $26,000 and $27,000, respectively.
|
- |
100% of the issued outstanding shares of Malibu Warrior Inc., a Marshall Islands company that has entered into a new building contract for a high specification, scrubber-equipped, 157,000 dwt Suezmax Crude Oil Carrier under construction at Hyundai Samho Heavy Industries Co. Ltd. in South Korea and scheduled for delivery during May 2019. The Company has acquired the shares from the Seller for an aggregate purchase price of $8.95 million. Following its delivery, the vessel will enter into a time charter with an entity affiliated with the Seller for a firm duration of one year at a gross daily rate of $25,000, with a charterer's option to extend for two additional years at $26,000 and $27,000, respectively.
|
- |
10% of the issued and outstanding shares of Eco Seven Inc., a Marshall Islands company that owns M/T Stena Elegance, a high specification 50,000 dwt MR product/chemical tanker delivered in February 2017 at Hyundai Vinashin. The Company has acquired the shares from an entity affiliated with the Company's Chief Executive Officer for an aggregate purchase price of $1.6 million. As a result of the transaction the Company will own 100% of the issued and outstanding shares of Eco Seven Inc.
|
Year
|
Operating fleet
|
Operating fleet including
vessels partly owned through joint ventures |
||
2018
|
94%
|
95%
|
||
2019
|
82%
|
85%
|
||
2020
|
65%
|
70%
|
||
2021
|
20%
|
22%
|
TOP SHIPS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Expressed in thousands of U.S. Dollars - except share and per share data)
|
2016
|
2017
|
|||||||
REVENUES:
|
||||||||
Revenues
|
28,433
|
39,363
|
||||||
EXPENSES:
|
||||||||
Voyage expenses
|
736
|
999
|
||||||
Bareboat charter hire expenses
|
6,299
|
6,282
|
||||||
Amortization of prepaid bareboat charter hire
|
1,577
|
1,657
|
||||||
Vessel operating expenses
|
9,913
|
13,444
|
||||||
Vessel depreciation
|
3,467
|
5,744
|
||||||
Management fees-related parties
|
1,824
|
4,730
|
||||||
General and administrative expenses
|
2,906
|
5,805
|
||||||
Other operating income
|
(3,137
|
)
|
(914
|
)
|
||||
Operating income
|
4,848
|
1,616
|
||||||
OTHER INCOME/(EXPENSES):
|
||||||||
Interest and finance costs
|
(3,093
|
)
|
(15,793
|
)
|
||||
Loss on derivative financial instruments
|
(698
|
)
|
(301
|
)
|
||||
Interest income
|
-
|
13
|
||||||
Other, net
|
(5
|
)
|
1,120
|
|||||
Total other expenses, net
|
(3,796
|
)
|
(14,961
|
)
|
||||
Net income/(loss) and comprehensive income/(loss)
|
1,052
|
(13,345
|
)
|
|||||
Deemed dividend for beneficial conversion feature of Series B convertible preferred stock
|
(1,403
|
)
|
-
|
|||||
Equity loss in joint venture
|
-
|
(27
|
)
|
|||||
Net loss attributable to common shareholders
|
(351
|
)
|
(13,372
|
)
|
||||
Attributable to:
|
||||||||
Common stock holders
|
(351
|
)
|
(13,404
|
)
|
||||
Non-controlling interests
|
-
|
32
|
||||||
Loss per common share, basic and diluted
|
(1,574
|
)
|
(1.26
|
)
|
||||
Weighted average common shares outstanding, diluted
|
223
|
10,633,815
|
TOP SHIPS INC.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
DECEMBER 31, 2016 AND 2017
|
(Expressed in thousands of U.S. Dollars)
|
December 31,
|
December 31,
|
|||||||
2016
|
2017
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
127
|
24,081
|
||||||
Restricted cash
|
5,467
|
6,532
|
||||||
Advances for vessel acquisitions
|
-
|
6,757
|
||||||
Vessels, net
|
126,170
|
154,935
|
||||||
Prepaid bareboat charter hire
|
8,592
|
6,934
|
||||||
Other assets
|
2,661
|
3,077
|
||||||
Financial instruments
|
300
|
394
|
||||||
Investments in unconsolidated joint ventures
|
-
|
17,738
|
||||||
Total assets
|
143,317
|
220,448
|
||||||
Liabilities And Stockholders' Equity
|
||||||||
Financial instruments
|
3,563
|
3,335
|
||||||
Debt
|
84,539
|
103,949
|
||||||
Other liabilities
|
7,953
|
5,890
|
||||||
Total liabilities
|
96,055
|
113,174
|
||||||
Commitments and contingencies
|
-
|
-
|
||||||
Stockholders' equity
|
47,262
|
107,274
|
||||||
Total liabilities and stockholders' equity
|
143,317
|
220,448
|
1 Year TOP Ships Chart |
1 Month TOP Ships Chart |
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