TOP Ships (TOPS) - 2023 Q3 - Quarterly Report

Financial Performance - Total revenues for the first half of 2023 reached $41.1 million, an increase from$38.8 million in the same period of 2022, representing a growth of 5.5%[6] - Net income for the first half of 2023 was $5.8 million, compared to$8.6 million in the first half of 2022, indicating a decrease of 32.5%[6] - Earnings per share (EPS) for the first half of 2023 was $0.13, a significant recovery from a loss of$6.15 per share in the same period of 2022[6][7] - EBITDA for the first half of 2023 was $23.4 million, up from$21.6 million in the first half of 2022, reflecting an increase of 8.3%[17] Assets and Cash Flow - Total assets as of June 30, 2023, were $446.2 million, down from$469.3 million at the end of 2022, a decrease of 4.9%[9] - Cash and cash equivalents, including restricted cash, totaled $13.6 million as of June 30, 2023, compared to$20.5 million at the end of 2022[6][9] Operational Efficiency - The average age of the tanker fleet is less than three years, highlighting the modernity and efficiency of the vessels operated by the company[2] - The company has a substantial charter backlog, which is expected to contribute positively to income and cash flow generation extending into 2024[2] Financial Obligations - Interest and finance costs increased to $10.5 million in the first half of 2023, up from$6.9 million in the same period of 2022, representing a rise of 51.5%[17] - The company has no capital commitments going forward after completing its newbuilding program in 2022[2]