ATHENS, Greece April 2 /PRNewswire-FirstCall/ -- TOP Ships Inc.
(NASDAQ: TOPS) today announced its operating results for the fourth
quarter and the fiscal year ended December 31, 2008. For the three
months ended December 31, 2008, the Company reported net income of
$8,429,000, or $0.30 per share, compared with net loss of
$37,439,000, or $2.67 per share, for the fourth quarter of 2007.
The weighted average numbers of common shares used in the
computations were 28,090,125 and 14,082,742 for the fourth quarter
of 2008 and 2007(1), respectively. For the three months ended
December 31, 2008, operating income was $7,952,000, compared with
operating loss of $25,982,000 for the fourth quarter of 2007.
Revenues for the fourth quarter of 2008 were $36,962,000, compared
to $51,789,000 recorded in the fourth quarter of 2007. For the year
ended December 31, 2008, the Company reported net income of
$25,639,000, or $1.01 per share, compared with net loss of
$49,076,000, or $4.09 per share, for the year ended December 31,
2007. The weighted average numbers of common shares used in the
computations were 25,445,031 and 11,986,857 for the years ended
December 31, 2008 and 2007(1), respectively. For the year ended
December 31, 2008, operating income was $61,723,000, compared with
operating loss of $29,118,000 for the year ended December 31, 2007.
Revenues for the year ended December 31, 2008 were $257,380,000,
compared to $252,259,000 recorded in the year ended December 31,
2007. Evangelos J. Pistiolis, President and Chief Executive Officer
of TOP Ships Inc., commented: "The later part of 2008 was very
challenging for the shipping industry and the world economy
overall. Despite the challenges faced, we achieved another quarter
with solid results, which is a product of our successful strategic
decisions that were implemented throughout the year. Specifically,
during 2008: -- We sold 7 owned suezmax tankers and 1 owned panamax
dry bulk vessel for an aggregate sale price of $380.5 million.
These sales enhanced our liquidity and created a cash cushion
during a period where liquidity is key to the survival of any
company. -- We arranged the sale of 6 chartered-in vessels, under
bareboat charters, and terminated the respective charters. -- We
completed the refinancing of our six new-building product tankers
and we chartered all 6 vessels with 3 major charterers at fixed
rates for periods that range between 7 and 10 years. These charters
have been agreed on a bareboat basis, which not only reduces our
long-term market risk relating to the vessels, but also eliminates
the Company's operational risk for that period. -- We took delivery
of our dry bulk vessels, which are currently deployed on time
charters at premium rates. Developments during the fourth quarter
of 2008 included: -- As of December 31, 2008, the Company was not
in compliance with certain loan covenants. We are currently in
advanced discussions with our lending banks to receive waivers of
the covenants to 2010. -- We terminated an interest rate derivative
product for $5.0 million. When we entered into this product in
November 2007, we had received an upfront payment of $8.5 million.
-- We completed the refinancing for our new-building product
tankers, four of which have already been delivered to their
bareboat charterers. -- We commenced our share repurchase program,
which allows the Company to purchase up to $20.0 million in our
shares over a period of one year." Recent Developments Our Board of
Directors has appointed as of April 1st, 2009 Mr. Alexandros
Tsirikos to the position of Chief Financial Officer. Mr. Tsirikos,
34, is a UK qualified Chartered Accountant (ACA) and has been
employed with Top Ships since July 2007 as the Company's Corporate
Development Officer. Prior to joining TOP Ships, Mr. Tsirikos was a
manager with PricewaterhouseCoopers where he worked for six years.
During his career with PwC, Mr. Tsirikos drew experience both from
consulting as well as auditing as a member of the PwC Advisory team
and Assurance team. As a member of the Advisory team, he led and
participated in numerous projects in the public and the private
sectors, involving strategic planning and business modelling,
investment analysis and appraisal, feasibility studies, costing and
project management. As a member of the Assurance team, Mr. Tsirikos
was part of the IFRS (International Financial Reporting Standards)
technical team of PwC Greece and led numerous IFRS conversion
projects for listed companies. He holds an MSc in Shipping Trade
and Finance from City University of London and a Bachelor's Degree
with honours in Business Administration from Boston University in
the United States. He speaks English, French and Greek. The
following key indicators serve to highlight changes in the
financial performance of the Company's vessels during the fourth
quarters of 2007 and 2008 and the years ended December 31, 2007 and
2008: Suezmax Vessels (In U.S. Dollars Three Months Ended Year
Ended unless otherwise December 31, December 31, stated) 2007 2008
Change 2007 2008 Change Total available ship days 1,104 - -100.0%
4,500 2,306 -48.8% Total operating days 845 - -100.0% 3,801 1,782
-53.1% Utilization 76.5% - - 84.5% 77.3% -8.5% TCE(2) per ship per
day under spot voyage charter 23,068 - - 32,249 49,337 53.0% TCE
per ship per day under time charter 35,205 - - 35,355 39,808 12.6%
Average TCE 28,469 - - 33,466 44,655 33.4% Other vessel operating
expenses per ship per day 11,618 - - 9,388 13,484 43.6% Handymax
Vessels (In U.S. Dollars Three Months Ended Year Ended unless
otherwise December 31, December 31, stated) 2007 2008 Change 2007
2008 Change Total available ship days 736 644 -12.5% 3,610 2,789
-22.7% Total operating days 584 638 9.2% 3,190 2,575 -19.3%
Utilization 79.3% 99.1% 24.9% 88.4% 92.3% 4.5% TCE per ship per day
under spot voyage charter - - - - 33,454 - TCE per ship per day
under time charter 16,526 18,998 15.0% 19,589 18,811 -4.0% Average
TCE 16,526 19,030 15.2% 19,589 19,496 -0.5% Other vessel operating
expenses per ship per day 7,650 8,470 10.7% 6,920 9,029 30.5%
Tanker Fleet (In U.S. Dollars Three Months Ended Year Ended unless
otherwise December 31, December 31, stated) 2007 2008 Change 2007
2008 Change Total available ship days 1,840 644 -65.0% 8,110 5,095
-37.2% Total operating days 1,429 638 -55.4% 6,991 4,357 -37.7%
Utilization 77.7% 99.1% 27.6% 86.2% 85.5% -0.8% TCE per ship per
day under spot voyage charter 23,068 - - 32,249 47,511 47.3% TCE
per ship per day under time charter 23,842 18,940 -20.6% 24,606
24,285 -1.3% Average TCE 23,588 18,650 -20.9% 27,134 29,786 9.8%
Other vessel operating expenses per ship per day 10,030 9,803 -2.3%
8,289 11,046 33.3% Drybulk Fleet (In U.S. Dollars Three Months
Ended Year Ended unless otherwise December 31, December 31, stated)
2007 2008 Change 2007 2008 Change Total available ship days 66 460
597.0% 66 1,780 2597.0% Total operating days 41 440 973.2% 41 1,742
4148.8% Utilization 62.1% 95.7% 54.0% 62.1% 97.9% 57.5% TCE per
ship per day under spot voyage charter - - - - - - TCE per ship per
day under time charter 76,902 53,070 -31.0% 76,902 51,060 -33.6%
Average TCE 76,902 53,070 -31.0% 76,902 51,060 -33.6% Other vessel
operating expenses per ship per day 10,092 6,241 -38.2% 10,425
6,088 -41.6% Total Fleet (In U.S. Dollars Three Months Ended Year
Ended unless otherwise December 31, December 31, stated) 2007 2008
Change 2007 2008 Change Total available ship days 1,906 1,104
-42.1% 8,176 6,875 -15.9% Total operating days 1,470 1,078 -26.7%
7,032 6,099 -13.3% Utilization 77.1% 97.6% 26.6% 86.0% 88.7% 3.1%
TCE per ship per day under spot voyage charter 23,068 - - 32,249
47,530 47.4% TCE per ship per day under time charter 26,015 32,871
26.4% 25,060 33,477 33.6% Average TCE 25,075 32,699 30.4% 27,424
35,862 30.8% Other vessel operating expenses per ship per day
10,033 8,319 -17.1% 8,307* 9,762 17.5% General and administrative
expenses per ship per day* 4,407 6,392 45.1% 3,036 4,578 50.8% *
The daily General and Administrative expenses include approximately
$1,153 and $1,303 for the three-month period and $423 and $1,055
for the year ended December 31, 2007 and 2008, respectively, of
non-cash restricted stock expense, general compensation, specific
legal fees and depreciation for other fixed assets. Fleet Report:
As of December 31, 2008, the Company's fleet consisted of 12
vessels, or 0.6 million dwt (including 7 owned and 5 vessels sold
and leased back for a period of 5 to 7 years) as compared to 23
vessels, or 2.2 million dwt (including 11 vessels sold and leased
back for a period of 5 to 7 years) on December 31, 2007. The
Company's fleet size and composition remained unchanged during the
fourth quarter of 2008. Fleet Deployment: During the fourth quarter
of 2008, the Company had 100% of the fleet's operating days on
long-term employment contracts. As of December 31, 2008, all of the
Company's 12 vessels were on time charter contracts with an average
term of 1.7 years with all but four of the time charters including
profit sharing agreements, and one vessel under bareboat charter
with a term of over three years. Tanker Vessels: All of the
Company's Handymax tankers operate under long-term employment
agreements that provide for a base rate and additional profit
sharing. During the fourth quarter of 2008, the Company's Handymax
tankers earned on average $18,998 per vessel per day on a time
charter equivalent (TCE) basis, including profit-sharing allocated
to the Company. Drybulk Vessels: During the fourth quarter of 2008,
four of the Company's drybulk vessels operated under time charter
contracts and one under bareboat charter, earning on average
$53,070 per vessel per day on a time charter equivalent (TCE)
basis, including the amortization of the fair value of time charter
contracts of $14,492 per vessel per day. The following table
presents the Company's current fleet list and employment: Profit
Daily Sharing Year Charter Base Above Base Dwt Built(D) Type
Expiry(E) Rate Rate (2009) 11 Handymax Tankers Relentless(A) 47,084
1992 Time Q3/2009 $14,000 50% Charter thereafter Vanguard(B) 47,084
1992 Time Q1/2010 $15,250 50% Charter thereafter Spotless(B) 47,094
1991 Time Q1/2010 $15,250 50% Charter thereafter Doubtless(B)
47,076 1991 Time Q1/2010 $15,250 50% Charter thereafter Faithful(B)
45,720 1992 Time Q2/2010 $14,500 100% first Charter $500 + 50%
thereafter Dauntless(C) 46,168 1999 Time Q1/2010 $16,250 100% first
Charter $1,000 + 50% thereafter Ioannis P(C) 46,346 2003 Time
Q4/2010 $18,000 100% first Charter $1,000 + 50% thereafter Miss
Marilena(C) 50,000 2009 Bareboat Q1-2/2019 $14,400 None Charter
Lichtenstein(C) 50,000 2009 Bareboat Q1-2/2019 $14,550 None Charter
Ionian Wave(C) 50,000 2009 Bareboat Q1-2/2016 $14,300 None Charter
Thyrrhenian Wave(C) 50,000 2009 Bareboat Q1-2/2016 $14,300 None
Charter 2 Newbuilding Product Tankers Hull S-1031 50,000 2009
Bareboat Q1-2/2019 $14,550 None Charter Hull S-1033 50,000 2009
Bareboat Q1-2/2019 $14,550 None Charter Total Tanker dwt 626,572 5
Drybulk Vessels Cyclades(C) 75,681 2000 Time Q2/2011 $54,250 None
Charter Amalfi(C) 45,526 2000 Time Q2/2009 $12,000 None Charter Voc
Gallant(C) 51,200 2002 Bareboat Q2/2012 $27,000(F) None Charter
Pepito(C) 75,928 2001 Time Q2/2013 $41,000 None Charter Astrale(C)
75,933 2000 Time Q2/2009 $40,000 None Charter Total Drybulk dwt
324,268 TOTAL DWT 950,840 A. Vessels sold and leased back in August
and September 2005 for a period of 7 years. B. Vessels sold and
leased back in March 2006 for a period of 5 years. C. Owned
vessels. D. Year of delivery for the newbuilding product tankers.
E. For the newbuilding product tankers, the expected expiry is
inserted. F. From May/June 2009 until May/June 2012, the daily base
rate will be $24,000. Liquidity and Capital Resources Since the
Company's formation, the sources of funds have been cash from
operations, long-term borrowings and equity provided by the
shareholders. The Company's principal use of funds has been capital
expenditures to establish and grow its fleet, maintain the quality
of its vessels, comply with international shipping standards and
environmental laws and regulations, fund working capital
requirements and make principal repayments on outstanding served
loan facilities. The Company expects to rely upon operating cash
flows, long-term borrowings and equity financings to implement its
future growth plan. As of December 31, 2008, the Company had total
indebtedness under senior secured credit facilities of $346.9
million (excluding unamortized financing fees of $4.4 million) with
its lenders, the Royal Bank of Scotland ("RBS"), HSH Nordbank
("HSH"), DVB Bank ("DVB"), Alpha Bank ("ALPHA") and Emporiki Bank
("EMPORIKI"), maturing from 2013 through 2019. The Company's
unencumbered cash as of December 31, 2008 was $46.2 million. As of
December 31, 2008, the Company had three interest rate swap
agreements with RBS for the amounts of $25.4 million, $10.0 million
and $10.0 million for a remaining period of one, five and five
years, respectively. Under these agreements the interest rate is
fixed at an effective annual rate of 4.66% (in addition to the
applicable margin), 4.23% and 4.11%, respectively. The Company also
had one interest rate swap agreement with Egnatia Bank for the
amount of $10.0 million for a remaining period of five years,
respectively. Under this agreement the interest rate is fixed at an
effective annual rate of 4.76%. In addition, the Company had seven
interest rate swap agreements with HSH, six of them for the amounts
of $11.2 million, $11.2 million, $11.2 million, $15.1 million, $7.4
million and $13.4 million, for a remaining period of three, three,
three, five, five and seven years, respectively, and a forward
interest rate swap agreement with HSH for the amount of $15.1
million effective in June 2010 for a period of four years, at a
fixed interest rate of 4.73% in addition to the applicable margin.
The above swaps of $10.0 million and $10.0 million with RBS and
$10.0 million with Egnatia Bank include steepening terms based on
the two and 10 year U.S. Dollar swap difference, which is
calculated quarterly in arrears. The interest rate for the
remaining balance of the loans is LIBOR, plus the margin. Loan
Covenants and Discussions with Banks As at December 31, 2008, the
Company was not in compliance with certain of its loan covenants.
As of the date of this release, the Company is in advanced
discussions with all its lenders in order to receive waivers for
such non-compliance, extending until the end of March 2010, but no
definitive agreement has been signed yet. In order to receive
waivers, the Company may have to amend certain terms of its
existing financing agreements. Because definitive agreements with
respect to such waivers have not yet been signed, the Company
currently cannot provide a breakdown of its debt and swap
facilities into current and long term as such a breakdown is
directly related to the status of the covenants. If the Company
receives waivers for more than one year from all its lenders then
the debt and swap facilities would be split into current and long
term portions based on when the installments fall due. If the
Company cannot obtain covenant waivers from all of its lenders, all
loans would need to be categorized as current as a result of cross
default covenants attached to all loan agreements. If the Company
is not able to obtain covenant waivers or modifications, its
lenders may require the Company to post additional collateral,
enhance its equity and liquidity, increase its interest payments or
pay down its indebtedness to a level where it is in compliance with
its loan covenants, sell vessels, or they may accelerate its
indebtedness, which would impair its ability to continue to conduct
its business. In order to further enhance its liquidity, the
Company may find it necessary to sell vessels at a time when vessel
prices are low, in which case it will recognize losses and a
reduction in its earnings, which could affect its ability to raise
additional capital necessary for the Company to comply with its
loan covenants and/or the additional lender requirements described
above. Conference Call and Webcast TOP Ships' management team will
host a conference call to review the results and discuss other
corporate news and its outlook on Thursday, April 2, 2009, at 11:00
AM ET. Those interested in listening to the live webcast may do so
by going to the Company's website at http://www.topships.org/, or
by going to http://www.investorcalendar.com/. The telephonic replay
of the conference call will be available by dialling 1-877-660-6853
(from the US and Canada) or +1-201-612-7415 (from outside the US
and Canada) and by entering account number 286 and conference ID
number 319023. An online archive will also be available immediately
following the call at the sites noted above. Both are available for
one week, through April 9, 2009. About TOP Ships Inc. TOP Ships
Inc., formerly known as TOP Tankers Inc., is an international
provider of worldwide seaborne crude oil and petroleum products and
drybulk transportation services. The Company operates a combined
tanker and drybulk fleet as follows: -- A fleet of eleven
double-hull handymax tankers, with a total carrying capacity of
approximately 0.5 million dwt, of which 74% are sister ships. Seven
of the Company's handymaxes are on time charter contracts with an
average term of one year with all of the time charters including
profit sharing agreements above their base rates. Four of the
Company's handymax tankers are fixed on a bareboat charter basis
with an average term of eight and a half years. -- Two newbuilding
product tankers, which are expected to be delivered in the first
half of 2009. All the expected newbuildings have fixed rate
bareboat employment agreements for a period of ten years. -- A
fleet of five drybulk vessels with a total carrying capacity of
approximately 0.3 million dwt, of which 47% are sister ships. All
of the Company's drybulk vessels have fixed rate employment
contracts for an average period of 24 months. Forward-Looking
Statements Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect"
"pending" and similar expressions identify forward-looking
statements. The forward-looking statements in this press release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation, our
management's examination of historical operating trends, data
contained in our records and other data available from third
parties. Although we believe that these assumptions were reasonable
when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, we cannot assure
you that we will achieve or accomplish these expectations, beliefs
or projections. In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, failure of a seller to deliver one or more
vessels or of a buyer to accept delivery of one or more vessels,
inability to procure acquisition financing, default by one or more
charterers of our ships, changes in the demand for crude oil and
petroleum products, changes in demand for dry bulk shipping
capacity, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties. Contact: Michael Mason (investors) Alexandros
Tsirikos Allen & Caron Inc TOP Ships Inc. 212 691 8087 011 30
210 812 8180 TABLES FOLLOW TOP SHIPS INC. CONSOLIDATED CONDENSED
STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars -
except for share and per share data) Three Months Ended Year Ended
December 31, December 31, 2007 2008 2007 2008
(Unaudited)(Unaudited) (Unaudited) (Unaudited) REVENUES: Revenues
$51,789 $36,962 $252,259 $257,380 EXPENSES: Voyage expenses 14,929
1,712 59,414 38,656 Charter hire expense 18,035 5,810 94,118 53,684
Amortization of deferred gain on sale and leaseback of vessels
(1,360) (807) (15,610) (18,707) Other vessel operating expenses
19,122 9,184 67,914 67,114 Dry-docking costs 9,829 364 25,094
10,036 Depreciation 8,614 5,856 27,408 32,664 General and
administrative expenses 8,399 7,057 24,824 31,473 Foreign currency
(gains) / losses, net 203 (166) 176 (85) Gain on sale of vessels -
- (1,961) (19,178) Operating income (loss) (25,982) 7,952 (29,118)
61,723 OTHER INCOME (EXPENSES): Interest and finance costs (6,620)
(3,612) (18,318) (27,138) Fair value change of financial
instruments (5,768) 3,293 (4,904) (10,650) Interest income 901 815
3,248 1,831 Other, net 30 (19) 16 (127) Total other expenses, net
(11,457) 477 (19,958) (36,084) Net Income (loss) $(37,439) $8,429
$(49,076) $25,639 Earnings (loss) per share, basic and diluted
$(2.67) $0.30 $(4.09) $1.01 Weighted average common shares
outstanding, basic 14,082,742 28,090,125 11,986,857 25,445,031
Weighted average common shares outstanding, diluted 14,082,742
28,090,125 11,986,857 25,445,031 TOP SHIPS INC. CONSOLIDATED
CONDENSED BALANCE SHEETS (Expressed in thousands of U.S. Dollars -
except for share and per share data) December 31, December 31, 2007
2008 ASSETS (Unaudited) (Unaudited) CASH AND CASH EQUIVALENTS
$26,012 $46,242 VESSEL HELD FOR SALE 46,268 - ADVANCES FOR VESSELS
ACQUISITIONS / UNDER CONSTRUCTION 66,026 159,971 VESSELS, NET
553,891 414,515 RESTRICTED CASH 26,500 52,575 OTHER ASSETS 58,220
25,072 Total assets $776,917 $698,375 LIABILITIES AND STOCKHOLDERS'
EQUITY FINANCIAL INSTRUMENTS 10,683 16,438 FAIR VALUE OF BELOW
MARKET TIME CHARTER 29,199 3,911 BANK DEBT 438,884 342,479 DEFERRED
GAIN ON SALE AND LEASEBACK OF VESSELS 40,941 15,479 OTHER
LIABILITIES 45,802 28,017 Total liabilities 565,509 406,324
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY 211,408 292,051
Total liabilities and stockholders' equity $776,917 $698,375 TOP
SHIPS INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars) Year Ended December 31,
2007 2008 (Unaudited) (Unaudited) Cash Flows from (used in)
Operating Activities: Net income (loss) $(49,076) $25,639
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 30,124 38,605
Stock-based compensation expense 935 5,116 Change in fair value of
financial instruments 4,904 10,650 Financial instrument termination
payments (7,500) Amortization of deferred gain on sale and
leaseback of vessels (15,610) (18,707) Amortization of fair value
below market time charter (1,413) (21,795) (Gain) / loss on sale of
other fixed assets 69 126 Gain on sale of vessels (1,961) (19,178)
Change in operating assets and liabilities 20,738 (1,109) Net Cash
from (used in) Operating Activities (11,290) 11,847 Cash Flows from
(used in) Investing Activities: Principal payments received under
capital lease 46,000 Principal payments paid under capital lease
(68,828) Advances for vessels acquisitions / under construction
(37,343) (114,260) Vessel acquisitions and improvements (355,045)
(118,142) Insurance claims recoveries 1,852 3,447 Increase in
restricted cash - (26,075) Decrease in restricted cash 23,500 - Net
proceeds from sale of vessels 51,975 338,143 Net proceeds from sale
of other fixed assets 74 58 Acquisition of other fixed assets
(3,295) (1,792) Net Cash from (used in) Investing Activities
(318,282) 58,551 Cash Flows from (used in) Financing Activities:
Proceeds from long-term debt 316,851 271,156 Payments of long-term
debt (92,537) (368,563) Financial instrument upfront receipt 8,500
1,500 Issuance of common stock, net of issuance costs 98,341 50,601
Cancellation of fractional shares - (2) Repurchase and cancellation
of common stock (731) Payment of financing costs (5,563) (4,129)
Dividends paid - - Net Cash from (used in) Financing Activities
325,592 (50,168) Net increase (decrease) in cash and cash
equivalents (3,980) 20,230 Cash and cash equivalents at beginning
of period 29,992 26,012 Cash and cash equivalents at end of period
$26,012 $46,242 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid
$13,731 $19,616 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
ACTIVITIES Fair value below market time charter $30,612 $12,647
Amounts owed for capital expenditures $1,215 $55 (1) Adjusted for
1:3 reverse stock split effective in March 2008. (2) Consistent
with general practice in the tanker shipping industry, time charter
equivalent, or TCE, is a measure of the average daily revenue
performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is
determined by dividing net voyage revenue by voyage days for the
relevant time period. Net revenues are revenues minus voyage
expenses. Voyage expenses primarily consist of port, canal and fuel
costs that are unique to a particular voyage, which would otherwise
be paid by the charterer under a time charter contract, as well as
commissions. DATASOURCE: TOP Ships Inc. CONTACT: investors, Michael
Mason of Allen & Caron Inc, +1-212-691-8087, , for TOP Ships
Inc.; or Alexandros Tsirikos of TOP Ships Inc., 011 30 210 812
8180, Web Site: http://www.investorcalendar.com/
http://www.topships.org/
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