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- A net loss of $50.2 million, or $1.78 per share. Excluding net expenses of $12.2 million, relating to the termination of leases and the impairment charge of $36.6 million, the net loss would have amounted to $1.4 million, or $0.05 per share. - An operating loss of $34.2million. Excluding net expenses of $12.2 million, relating to the termination of leases and the impairment charge of $36.6 million, the operating loss would have amounted to operating income of $14.6 million. - Revenues of $108.0 million. Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented: During 2009, we reached two very important milestones in the history of our company under a very tough financial environment for the global economy and the shipping industry: - We completed our newbuilding program by taking delivery of six product tankers, from a well-established Korean yard, all of which we immediately chartered out 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 our operational risk for that period. - We terminated the charters on the last five chartered-in vessels in our fleet. These vessels were product tankers and their daily cost, taking into account lease hire payments and operating expenses, was significantly higher than the market rates that have been prevailing in the product tanker segment. We took an impairment charge during the fourth quarter, on our two older tankers in our fleet, due to the fact that their present time charters expire during the current year, and we expect that future charters will be at lower rates given the market conditions that have been prevailing in the product tanker segment. I would also like to bring to everyone’s attention, the impeccable utilization rates of the last quarter of 2009. We will do our best to maintain these rates going forward. Looking into the future, we believe that we offer a solid growth platform due to the following characteristics: - We do not have any capital commitments. - We have a very young owned fleet made up of 13 vessels; eight product tankers with an average age of 2.9 years and five dry bulk vessels with an average age of 8.9 years. - We have a diverse charter portfolio with significant value. 84% of total ship days until the end of 2011 are under fixed employment and the gross revenue that we expect to receive from these charters amounts to approximately $151 million. Looking further into the future, 75% of our total ship days until the end of 2012 are under fixed employment and the gross revenue that we expect to receive from these charters amounts to approximately $199 million. 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 eight double-hull Handymax tankers and an average age of 2.9 years with a total carrying capacity of approximately 0.4 million dwt, of which 76%, in terms of dwt, are sister ships. Two of the Company's Handymaxes are on time charter contracts with an average term of 5 months with both of the time charters including profit sharing agreements above their base rates. Six of the Company’s Handymax tankers are fixed on a bareboat charter basis with an average term of 8.1 years. • A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt and an average age of 8.9 years, of which 47%, in terms of dwt, are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 24 months. Full report at: www.topships.org Top Ships Press Release |
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TOP SHIPS REPORTS FOURTH QUARTER AND FISCAL YEAR 2009 FINANCIAL RESULTS