The international owner and operator of modern, fuel efficient "ECO" tanker vessels TOP Ships announced that its total revenues increased by 51% to $29.8 million for the six months ended June 30, 2019 compared to $19.7 million for the same period in 2018.
Its net loss decreased by 91% to ($0.6) million for the six month ended June 30, 2019 compared to a net loss of ($6.6) million for the same period in 2018.
The Greek company said that its adjusted EBITDA increased by 341% to $15.0 million for the six month ended June 30, 2019 compared to $3.4 million for the same period in 2018.
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: “During the first half of the year we further grew our fleet after we took delivery of 4 high specification vessels from Hyundai South Korea: 2 MR Product tankers and 2 Suezmax Crude carriers, 3 of the 4 vessels are scrubber fitted and all entered into time charter employment with high quality counterparties."
"The newly delivered vessels which were delivered during Q1 and Q2 have already started contributing positively to our financial results. We expect the full operating contribution for these vessels to occur from the second half of the year onwards," he added.
"We have made greater operating and financial strides as a company as we have increased our fleet. As a result we have significantly improved total revenue, Adjusted EBITDA and operating income,” Pistiolis said.