TOP SHIPS Inc. Files 6-K Report for Q2 2024

TL;DR

TOP SHIPS Inc. 6-K filed: Q2 2024 financials out, shows preferred stock and related party activity.

AI Summary

TOP SHIPS Inc. filed a 6-K report for the period ending June 30, 2024. The filing details financial information and corporate actions, including references to preferred stock series D and F, and related party transactions for the first half of 2024 compared to the same period in 2023.

Why It Matters

This filing provides investors with updated financial disclosures for TOP SHIPS Inc., offering insights into their performance and financial structure during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine 6-K filing providing financial updates and disclosures, not indicating any immediate operational or financial distress.

Key Numbers

• 2024-01-01 to 2024-06-30 — Reporting Period (First half of 2024 financial data)
• 2023-01-01 to 2023-06-30 — Comparative Period (First half of 2023 financial data for comparison)

Key Players & Entities

• TOP SHIPS INC. (company) — Filer of the report
• June 30, 2024 (date) — End of reporting period
• 2024-06-30 (date) — End of reporting period
• 2023-12-31 (date) — Previous fiscal year end
• us-gaap:SeriesFPreferredStockMember (financial_metric) — Reference to Series F Preferred Stock
• us-gaap:SeriesDPreferredStockMember (financial_metric) — Reference to Series D Preferred Stock
• us-gaap:RelatedPartyMember (financial_metric) — Reference to related party transactions

FAQ

Key Financial Figures

• $0.4 m — 30, 2024, Voyage expenses increased by $0.4 million, or 45%, compared to the same per
• $0.4 million — n 2023. This increase was mainly due to $0.4 million of bunker expenses in the period ended
• $0.5 m — 2024, Vessel depreciation decreased by $0.5 million, or 7%, compared to the same peri
• $300 — (or salvage) value of our vessels from $300 to $430 per lightweight ton (please see
• $430 — vage) value of our vessels from $300 to $430 per lightweight ton (please see the Una
• $3.2 million — months ended June 30, 2024, we incurred $3.2 million of Dry-docking costs due to the schedul
• $2.2 m — Interest and finance costs increased by $2.2 million, or 21%, compared to the same per
• $1.4 million — od in 2023 mainly due to an increase of $1.4 million in interest costs and another $0.7 mill
• $0.7 million — 4 million in interest costs and another $0.7 million increase in amortization of deferred fi
• $53.3 million — ecember 2023 and May 2024 by a total of $53.3 million. This resulted in increased interest ex
• $0.1 million — with the Cargill facility increased by $0.1 million compared to the same period in 2023. N
• $20.0 million — . The consideration of the purchase was $20.0 million and is payable as follows: The conside
• $1.0 million — The consideration of the No-Shop LOI ($1.0 million) was applied against the consideration
• $10.1 million — ewhere in this document); An amount of $10.1 million (the "First Installment") was paid to t
• $1.1 million — Seller on July 12, 2024; An amount of $1.1 million (the "Second Installment") shall be pai

Filing Documents

• ef20031282_6k.htm (6-K) — 854KB
• 0001140361-24-036640.txt ( ) — 4793KB
• tops-20240630.xsd (EX-101.SCH) — 53KB
• tops-20240630_cal.xml (EX-101.CAL) — 57KB
• tops-20240630_def.xml (EX-101.DEF) — 233KB
• tops-20240630_lab.xml (EX-101.LAB) — 561KB
• tops-20240630_pre.xml (EX-101.PRE) — 336KB
• ef20031282_6k_htm.xml (XML) — 534KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. TOP SHIPS INC. (Registrant) Date: August 9, 2024 By: /s/ Evangelos J. Pistiolis Evangelos J. Pistiolis Chief Executive Officer 4

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2024 The following management's discussion and analysis is intended to discuss our financial condition, changes in financial condition and results of operations for the six months ended June 30, 2023 and 2024, and should be read in conjunction with our historical unaudited interim condensed consolidated financial statements and related notes included in this filing. For additional background information, please see our annual report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 29, 2024. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth in the section "Risk Factors" included in our Annual Report on Form 20-F filed with the SEC on March 29, 2024. Overview We are an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. As of June 30, 2024, our fleet consisted of one 50,000 dwt product/chemical tanker, the M/T Eco Marina Del Ray, five 159,000 dwt Suezmax tankers, the M/T Eco Bel Air, M/T Eco Beverly Hills, M/T Eco West Coast, M/T Eco Malibu and M/T Eco Oceano CA, and two 300,000 dwt VLCC tankers the M/T Julius Caesar and M/T Legio X Equestris. We also own 50% interests in two 50,000 dwt product/chemical tankers, M/T Eco Yosemite Park and M/T Eco Joshua Park. We intend to continue to review the market in order to identify potential acquisition targets on accretive terms. We believe we have established a reputation in the international ocean transport industry for operating and maintaining vessels with high standards of performance, r

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View this 6-K filing on SEC EDGAR