Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Document Information [Line Items] | |
Entity Registrant Name | TOP SHIPS INC. |
Entity Central Index Key | 1,296,484 |
Trading Symbol | tops |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | shares | 3,552,381 |
Entity Public Float | $ | $ 1,508,883 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 554 | $ 2,668 |
Trade accounts receivable | 72 | 107 |
Prepayments and other | 1,070 | 435 |
Due from related parties (Note 6) | 58 | |
Inventories | 478 | 402 |
Prepaid bareboat charter hire | 1,617 | 1,657 |
Total current assets | 3,849 | 5,269 |
FIXED ASSETS: | ||
Advances for vessels acquisitions / under construction (Note 4) | 8,717 | 25,098 |
Vessels, net (Note 5) | 95,878 | 32,044 |
Other fixed assets, net | 1,221 | 1,333 |
Total fixed assets | 105,816 | 58,475 |
OTHER NON CURRENT ASSETS: | ||
Prepaid bareboat charter hire | 7,763 | 8,512 |
Restricted cash | 4,240 | 1,750 |
Total non-current assets | 12,003 | 10,262 |
Total assets | 121,668 | 74,006 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 8) | 5,805 | 1,318 |
Debt from related parties (Note 8) | 7,050 | 3,850 |
Due to related parties (Note 6) | 1,575 | |
Accounts payable | 2,539 | 4,940 |
Accrued liabilities | 5,802 | 5,896 |
Unearned revenue | 1,516 | |
Total current liabilities | 22,712 | 17,579 |
NON-CURRENT LIABILITIES: | ||
Derivative financial instruments (Note 12) | 1,996 | 3,216 |
Non-current portion of long term debt (Note 8) | 58,372 | 19,058 |
Total non-current liabilities | 60,368 | 22,274 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
Total liabilities | 83,080 | 39,853 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; none issued | ||
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 2,077,895 and 3,552,381 shares issued and outstanding at December 31, 2015 and June 30, 2016 | 36 | 21 |
Additional paid-in capital | 322,555 | 318,425 |
Accumulated deficit | (284,003) | (284,293) |
Total stockholders’ equity | 38,588 | 34,153 |
Total liabilities and stockholders’ equity | $ 121,668 | $ 74,006 |
Unaudited Interim Condensed Co3
Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 3,552,381 | 2,077,895 |
Common stock, shares outstanding (in shares) | 3,552,381 | 2,077,895 |
Unaudited Interim Condensed Co4
Unaudited Interim Condensed Consolidated Statements of Comprehensive (Loss) / Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUES: | ||
Revenues | $ 11,627 | $ 4,697 |
EXPENSES: | ||
Voyage expenses | 301 | 121 |
Bareboat charter hire expenses | 3,132 | 2,107 |
Amortization of prepaid bareboat charter hire | 789 | 603 |
Other vessel operating expenses | 4,445 | 1,863 |
Vessel depreciation (Note 5) | 1,228 | 120 |
Management fees-related parties (Note 6) | 764 | 397 |
Other operating loss, net | 277 | |
General and administrative expenses | 1,117 | 1,505 |
Impairment on vessel | 3,081 | |
Operating loss | (149) | (5,377) |
OTHER INCOME (EXPENSES): | ||
Interest and finance costs | (774) | (594) |
Gain on financial instruments, net (Note 12) | 1,220 | 592 |
Other, net | (7) | 18 |
Total other income, net | 439 | 16 |
Net (loss) / income and comprehensive (loss) / income | $ 290 | $ (5,361) |
(Loss) / earnings per common share, basic and diluted (Note 11) (in dollars per share) | $ 0.08 | $ (2.74) |
Weighted average common shares outstanding, basic and diluted (in dollars per share) | $ 3,426,780 | $ 1,959,603 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
BALANCE, Shares (in shares) at Dec. 31, 2014 | 1,896,998 | ||||
BALANCE at Dec. 31, 2014 | $ 19 | [1] | $ 318,296 | $ (275,786) | $ 42,529 |
Net (loss)/income | (5,361) | (5,361) | |||
Stock-based compensation (in shares) | 183,000 | ||||
Stock-based compensation | $ 2 | [1] | 60 | 62 | |
BALANCE, Shares (in shares) at Jun. 30, 2015 | 2,079,998 | ||||
BALANCE at Jun. 30, 2015 | $ 21 | [1] | 318,356 | (281,147) | 37,230 |
BALANCE, Shares (in shares) at Dec. 31, 2015 | 2,077,895 | ||||
BALANCE at Dec. 31, 2015 | $ 21 | [1] | 318,425 | (284,293) | 34,153 |
Net (loss)/income | 290 | 290 | |||
Stock-based compensation (in shares) | 68,674 | ||||
Stock-based compensation | $ 1 | [1] | 208 | 209 | |
BALANCE, Shares (in shares) at Jun. 30, 2016 | 3,552,381 | ||||
BALANCE at Jun. 30, 2016 | $ 36 | [1] | 322,555 | $ (284,003) | $ 38,588 |
Common shares issued in exchange of assumption of Delos Termination Fee (in shares) | 1,355,816 | 1,355,816 | |||
Common shares issued in exchange of assumption of Delos Termination Fee | $ 14 | 3,782 | $ 3,796 | ||
Issuance of common stock due to exercise of warrants (in shares) | 50,000 | ||||
Issuance of common stock due to exercise of warrants | $ 140 | $ 140 | |||
Cancellation of fractional shares due to reverse stock split (in shares) | (4) | ||||
[1] | Adjusted to reflect the effect of the reverse stock split effected on February 22, 2016, on the Companys common stock since the par value remained unchanged at $0.01 per share. |
Unaudited Interim Condensed Co6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net (loss)/income | $ 290 | $ (5,361) |
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities: | ||
Depreciation (Note 5) | 1,289 | 184 |
Amortization and write off of deferred financing costs (Note 8) | (13) | 478 |
Stock-based compensation expense | 209 | 62 |
Change in fair value of derivative financial instruments (Note 12) | (1,220) | (367) |
Loss on sale of other fixed assets | 21 | |
Amortization of prepaid bareboat charter hire | 789 | 603 |
Impairment on vessel | 3,081 | |
(Increase)/Decrease in: | ||
Trade accounts receivable | 35 | 50 |
Inventories | (76) | (8) |
Due from related parties | 383 | (211) |
Prepayments and other | (635) | 248 |
Due to related parties | (1,575) | 170 |
Accounts payable | 1,244 | 334 |
Other non-current liabilities | (400) | |
Accrued liabilities | (319) | (170) |
Unearned revenue | 1,516 | |
Net Cash (used in)/provided by Operating Activities | 38 | (1,307) |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction (Note 4) | (48,753) | (31,970) |
(increase) in restricted cash | (2,490) | (836) |
Net proceeds from sale of vessels | 54,242 | |
Acquisition of other fixed assets, net | (6) | |
Sale of other fixed assets, net | 29 | |
Net Cash provided by/(used in) Investing Activities | (51,214) | 21,430 |
Cash Flows from Financing Activities: | ||
Proceeds from debt (Note 8) | 45,385 | |
Proceeds from related party debt (Note 8) | 3,200 | 2,250 |
Principal payments of debt | (1,500) | |
Prepayment of debt | (21,669) | |
Proceeds from warrant exercises | 140 | |
Follow-on offering issuance costs | (226) | |
Payment of financing costs | (63) | (275) |
Net Cash (used in)/provided by Financing Activities | 47,162 | (19,920) |
Net increase/(decrease) in cash and cash equivalents | (2,114) | 203 |
Cash and cash equivalents at beginning of year | 2,668 | |
Effect of exchange rate changes on cash | (1) | |
Cash and cash equivalents at end of the period | 554 | 202 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Capital expenditures included in Accounts payable/Accrued liabilities | 787 | 821 |
Interest paid net of capitalized interest | 286 | 120 |
Finance fees included in Accounts payable/Accrued liabilities | 78 | |
Offering expenses included in liabilities | 515 | 526 |
Shares issued as consideration for the assumption of liabilities | $ 3,796 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation and General Information: The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007, respectively.The Company is an international provider of worldwide oil, petroleum products and bulk liquid chemicals transportation services. As of June 30, 2016, the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these consolidated financial statements. Companies Date of Incorporation Country of Activity 1 Top Tanker Management Inc. May 2004 Marshall Islands Management company 2 Lyndon International Co. October 2013 Marshall Islands Non vessel-owning subsidiary company Shipowning Companies with vessels in operation during years ended December 31, 2013, 2014 and 2015 Date of Incorporation Country of Vessel 1 Monte Carlo 71 Shipping Company Limited June 2014 Marshall Islands M/T Stenaweco Energy (acquired June 2014), sold January 2015 2 Monte Carlo One Shipping Company Ltd June 2012 Marshall Islands M/T Stenaweco Evolution (acquired March 2014), sold March 2015 3 Monte Carlo Seven Shipping Company Limited April 2013 Marshall Islands M/T Stenaweco Excellence (acquired March 2014) 4 Monte Carlo Lax Shipping Company Limited May 2013 Marshall Islands Hull No S417 (acquired March 2014) 5 Monte Carlo 37 Shipping Company Limited September 2013 Marshall Islands M/T Eco Fleet (acquired March 2014) 6 Monte Carlo 39 Shipping Company Limited December 2013 Marshall Islands M/T Eco Revolution (acquired March 2014 ) The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2015, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 26, 2016. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six month period ended June 30, 2016 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2016 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies: A discussion of the Company's significant accounting policies can be found in the Company's annual financial statements for the fiscal year ended December 31, 2015 which have been filed with the US Securities and Exchange Commission on Form 20-F on April 26, 2016. There have been no changes to these policies in the six-month period ended June 30, 2016, except for: On January 1, 2016, the Company adopted ASU No. 2015-03 Interest – Imputation of Interest Recent Accounting Pronouncements: On May 28, 2014, the FASB issued Accounting Standard Update (“ASU”) No 2014-09 as amended by ASU 2016-08 which was issued in March 2016, ASU 2016-10 which was issued in April 2016 and ASU 2016-12 which was issued in May 2016, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 Statement of Cash Flows, Clarification of Certain Cash Receipts and Cash Payments The Company is currently evaluating the impact, if any, of the adoption of this new standard. |
Note 3 - Going Concern
Note 3 - Going Concern | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Going Concern [Text Block] | 3. Going Concern: As at June 30, 2016, the Company has a working capital deficit of $18,863 and its capital commitments for the acquisition of its fleet for the following twelve months amount to $23,100 (see Note 9). The Company’s optionstofund its short term capital commitments and its working capital requirements include: a) a $20,000 drawdown under a senior secured credit facility for which the Company has signed a loan agreement with ABN Amro Bank (see Note 13)for the financing of M/T Nord Valiant delivered on August 10, 2016, b) drawdowns under its unsecured revolving credit facility with Family Trading Inc (“Family Trading”) (see Note 8), which as of June 30, 2016 had an undrawn balance of $7,950, c) cash from operations d) other sources such as funds from the Company’s major shareholder if required. Therefore, the unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. |
Note 4 - Advances for Vessels A
Note 4 - Advances for Vessels Acquisitions / Under Construction | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Advances for Vessels Acquisition Under Construction [Text Block] | 4. Advances for Vessels Acquisitions / Under Construction: An analysis of Advances for vessels acquisitions / under construction is as follows: Advances for vessels acquisitions Balance, December 31, 2015 25,098 — Additions 48,681 — Transferred to Vessels (65,062 ) Balance, June 30, 2016 8,717 |
Note 5 - Vessels, net
Note 5 - Vessels, net | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Vessels, net: The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Net Book Value Balance, December 31, 2015 32,592 (548 ) 32,044 — Transferred from Advances for Vessels Acquisitions / Under Construction 65,062 - 65,062 — Depreciation charge for the period - (1,228 ) (1,228 ) Balance, June 30, 2016 97,654 (1,776 ) 95,878 On January 21, 2016 the Company took delivery of the M/T Eco Revolution, a 39,000 dwt newbuilding product/chemical tanker and on January 26, 2016 the vessel commenced its time charter employment with BP Shipping Limited. The final acquisition cost of the vessel amounted to $32,809 and comprised of $31,400 of yard installments and $1,409 of capitalized expenses. On May 20, 2016 the Company took delivery of the M/T Stenaweco Excellence, a 50,000 dwt newbuilding product/chemical tanker and on May 23, 2016 the vessel commenced its time charter employment with Stena Weco A/S. The final acquisition cost of the vessel amounted to $32,253 and comprised of $30,778 of yard installments and $1,475 of capitalized expenses. In the six month period ended June 30, 2016, the vessel M/T Stenaweco Excellence, with a total carrying amount of $32,124 as of June 30, 2016, was mortgaged as security for the credit facility with Norddeutsche Landesbank Girozentrale bank of Germany, or NORD/LB facility (see Note 8). |
Note 6 - Transactions with Rela
Note 6 - Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. Transactions with Related Parties: (a) Central Mare– Executive Officers and Other Personnel Agreements: The fees charged by Central Mare for the six month periods ended June 30, 2015 and 2016 are as follows: Six Month Period Ended June 30, 2015 2016 Presented in: Executive officers and other personnel expenses 780 330 General and administrative expenses - Statement of comprehensive (loss)/income Amortization of awarded shares 62 16 Management fees - related parties - Statement of comprehensive (loss)/income Total 842 346 (b) Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements: The fees charged by and expenses relating to CSM for the periods ended June 30, 2015 and 2016 are as follows: Six Months Ended June 30, 2015 2016 Presented in: Management fees 92 95 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 235 658 Management fees - related parties -Statement of comprehensive (loss)/income Supervision services fees 37 34 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 35 40 Vessel operating expenses -Statement of comprehensive (loss)/income 68 45 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 100 90 Management fees - related parties -Statement of comprehensive (loss)/income Financing fees - 91 Current and non-current portion of long-term debt – Balance sheet Commission for sale and purchase of vessels 570 - Capitalized in Vessels, net/ Advances for vessels acquisitions / under construction – Balance sheet Commission on charter hire agreements 55 146 Voyage expenses - Statement of comprehensive (loss)/income Total 1,192 1,199 For periods ended June 30, 2015 and 2016, CSM charged the Company newbuilding supervision related pass-through costs amounting to $516 and $491 respectively, that are not included in the table above. |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Operating Leases of Lessor Disclosure [Text Block] | 7. Leases A. Lease arrangements, under which the Company acts as the lessee Future minimum lease payments: The Company's future minimum lease payments required to be made after June 30, 2016, relating to the bareboat chartered-in vessels M/T Stenaweco Energy and M/T Stenaweco Evolution are as follows: Year ending December 31, Bareboat Charter Lease Payments 2016 (remainder) 3,167 2017 6,282 2018 6,282 2019 6,282 2020 6,299 2021 and thereafter 7,316 Total 35,628 B. Lease arrangements, under which the Company acts as the lessor Charter agreements: In the period ended June 30, 2016, the Company operated three vessels (M/T Stenaweco Energy, M/T Stenaweco Evolution and M/T Stenaweco Excellence) under time charters with Stena Weco A/S and two vessels (M/T Eco Fleet and M/T Eco Revolution) under time charters with BP Shipping. Future minimum time-charter receipts (excluding any off hire days), based on the vessels commitments to these non-cancellable time charter contracts, as of June 30, 2016, are as follows: Year ending December 31, Time Charter receipts 2016 (remainder) 14,592 2017 28,945 2018 23,751 2019 4,249 Total 71,537 |
Note 8 - Debt
Note 8 - Debt | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Debt: ABN Facility On July 9, 2015, the Company entered into a credit facility with ABN Amro Bank of Holland(“the ABN facility”) for the financing of the vessels M/T Eco Fleet and Hull No S419. The Company drew down $21,000 under the ABN facility on July 13, 2015 to finance the last shipyard installment of M/T Eco Fleet and another $1,200 on September 30, 2015. Furthermore, the Company drew down $22,200 under the ABN facility on January 15, 2016 to finance the last shipyard installment of M/T Eco Revolution. As at June 30, 2016, the outstanding balance of the ABN facility is $42,400. The ABN facility bears interest at LIBOR plus a margin of 3.90%. The applicable three-month LIBOR as of June 30, 2016 was 0.63%. Family Trading Facility On December 24, 2015 the Company entered into an unsecured revolving credit facility with Family Trading (“the Family Trading facility”), a related party affiliated with the family of the Company’s Chief Executive Officer, for up to $15,000 to be used to fund the Company’s newbuilding program and working capital relating to the Company’s operating vessels. This facility is repayable in cash no later than December 31, 2016, but the Company has the option to extend the facility’s repayment up to December 31, 2017. This facility bears a fixed interest of 9%. The Company drew down the following amounts: Date Amount drawn December 2015 3,850 March 2016 1,500 May 2016 600 June 2016 1,100 Total 7,050 The balance of the Family Trading facility as of June 30, 2016 is $7,050. As of June 30, 2016, the undrawn portion of the Family Trading Facility is $7,950. On June 30, 2016, pursuant to an amendment of the facility, the arrangement fee was cancelled and the interest rate and commitment fee for the first six months of 2016 were reduced to zero. NORD/LB Facility On May 11, 2016, the Company entered into a credit facility with Norddeutsche Landesbank Girozentrale bank of Germany for $23,185 (“the NORD/LB facility”) for the financing of the vessel M/T Stenaweco Excellence. The credit facility is repayable in 12 consecutive quarterly installments of $511 and 16 consecutive quarterly installments of $473, commencing in August 2016, plus a balloon installment of $9,480 payable together with the last installment in August 2023. The Company drew down $23,185 under the NORD/LB facility on May 13, 2016 to finance the last shipyard installment of the M/T Stenaweco Excellence. The facility contains various covenants, including (i) an asset cover ratio of 125% for the first three years and 143% thereafter, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% and (iii) minimum free liquidity of $750 per collateralized vessel and $500 per bareboated chartered-in vessel. Additionally, the facility contains restrictions on the shipowning company incurring further indebtedness or guarantees. It also restricts the shipowning company from paying dividends if such a payment would result in an event of default or in a breach of covenants under the loan agreement. Additionally, it is an event of default under the NORD/LB facility if, among other things, without prior written consent from the lender, (i) any member of the Company’s President, Chief Executive Officer and Director, Evangelos J. Pistiolis’ family (either directly or through trusts or foundations) ceases to own less than 20% of our common shares, (ii) Mr. Evangelos J. Pistiolis ceases to be the Company’s Chairman or Chief Executive Officer, or (iii) the Company’s shares cease to be listed on Nasdaq. The facility is secured as follows: · First priority mortgage over M/T Stenaweco Excellence; · Assignment of insurance and earnings of the mortgaged vessel; · Specific assignment of any time charters with duration of more than 12 months; · Corporate guarantee of Top Ships Inc.; · Pledge of the shares of the shipowning subsidiary; · Pledge over the earnings account of the vessel. As at June 30, 2016, the outstanding balance of the NORD/LB facility is $23,185. The NORD/LB facility bears interest at LIBOR plus a margin of 3.43%. The applicable three-month LIBOR as of June 30, 2016 was 0.63%. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies: Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. From December 5, 2013 to March 19, 2014 the Company entered into a series of transactions with a number of entities affiliated with the Company’s President, Chief Executive Officer and Director, Evangelos J. Pistiolis that led to the purchase of the Company’s fleet of newbuilding vessels. As a result of these transactions, the Company has remaining contractual commitments in 2016 for the acquisition of its fleet totaling $23,100, pursuant to the newbuilding agreement for Hull No S417. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. |
Note 10 - Common Stock, Additio
Note 10 - Common Stock, Additional Paid-in Capital and Dividends | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Common Stock, Additional Paid-In Capital and Dividends: A discussion of the Company's common stock, additional paid-in capital and dividends can be found in the Company's annual financial statements for the fiscal year ended December 31, 2015 which have been filed with the Securities and Exchange Commission on Form 20-F on April 26, 2016. Apart from the issuance of 1,355,816 common shares in connection with the assumption of the Delos Termination Fee on January 12, 2016 by Family Trading Inc and two equal issuances of 25,000 common shares upon the exercise of two equal increments of 28,090 warrants on February 26, 2016, and March 2, 2016, respectively, there have been no other changes in the six-month period ended June 30, 2016. |
Note 11 - (Loss) Earnings Per C
Note 11 - (Loss) Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. (Loss)/Earnings Per Common Share: All shares issued (including non-vested shares issued under the Company’s stock incentive plans) are the Company's common stock and have equal rights to vote and participate in dividends and in undistributed earnings. Non-vested shares do not have a contractual obligation to share in the losses. For purposes of calculating diluted earnings per share the denominator of the diluted earnings per share calculation includes: · the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, using the treasury stock method, and · any shares granted and vested but not issued up to the reporting date. The components of the calculation of basic and diluted earnings per share for the periods ended June 30, 2015 and 2016 are as follows: Six months ended June 30, 2015 2016 Income: Net (loss)/income (5,361 ) 290 Earnings per share: Weighted average common shares outstanding, basic and diluted 1,959,603 3,426,780 (Loss)/earnings per share, basic and diluted (2.74 ) 0.08 For the period ended June 30, 2016, no potential dilution that could occur if our 5,273,820 warrants outstanding as of June 30, 2016 to issue common stock were exercised was included in the calculation of diluted earnings per share, since the warrants were not “in the money” (see Note 12) |
Note 12 - Financial Instruments
Note 12 - Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 12. Financial Instruments: The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, accounts receivable due from charterers, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of short and longterm loans (see Note 8), interest rate swaps, accounts payable due to suppliers, accrued liabilities and warrants granted to third parties. (a) Interest rate risk: The Company is subject to market risks relating to changes in interest rates relating to debt outstanding under the loanfacility with ABN Amro Bank and NORD/LB Bank on which it pays interest based on LIBOR plus a margin. In order to manage part or whole of its exposure tochanges in interest rates due to this floating rate indebtedness, the Company has entered into an interest rate swap agreement with ABN Amro Bank and might enter into more interest rate swap agreements in the future. (b) Credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principallyof cash and trade accounts receivable. The Company limits its credit risk relating to accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions with which it places its temporary cash investments. (c) Fair value: The carrying values of accounts receivable, prepaid expenses, other receivables, accounts payable, due to/from related parties, accrued liabilities and debt from related parties are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short term maturities. The Company considers its creditworthiness when determining the fair value of the credit facilities. The fair value of bank debt approximates the recorded value due to its variable interest rate, being the LIBOR. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and, hence, bank loans are considered Level 2 items in accordance with the fair value hierarchy. The fair value of interest rate swaps is determined using a discounted cash flow method taking into account current and future interest rates and the creditworthiness of both the financial instrument counterparty and the Company. The fair value of warrants is determined using the Cox, Ross and Rubinstein Binomial methodology. The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. Interest rate swap agreements The Company entered into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. These interest rate swap transactions fixed the interest rates based on predetermined ranges in LIBOR rates. On June 3, 2016 the Company entered into an agreement with ABN Amro Bank relating to an interest rate swap (“the ABN Swap”), the details of which were as follows: Counterparty Effective (Start) Date: Termination Date: Notional Amount On effective date Interest Rate Payable ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $16,575 1.4425% The fair value of the ABN Swap was considered by the Company to be classified as level 2 in the fair value hierarchy since its value was being derived by observable market based inputs. The Company will pay a fixed rate and will receive a floating rate for the ABN Swap. The fair value of this derivative determined through level 2 of the fair value hierarchy was derived principally from, or corroborated by, observable market data. Inputs included quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allowed values to be determined. Warrant liability The Company's warrants outstanding as of December 31, 2015 and June 30, 2016, are recorded at their fair values. As of June 30, 2016 the Company’s derivatives consisted of 4,693,700 warrant shares outstanding, issued in connection with the Company’s follow-on offering that closed on June 11, 2014, as depicted in the following table: Warrants Outstanding December 31, 2015 Warrant Shares Outstanding December 31, 2015 Term (in years) Warrant Exercise Price Fair Value – Liability December 31, 2015 5,330,000 4,743,700 5 $2.80 3,216 Warrants Outstanding June 30, 2016 Warrant Shares Outstanding June 30, 2016 Term (in years) Warrant Exercise Price Fair Value – Liability June 30, 2016 5,273,820 4,693,700 5 $2.80 1,840 The following table presents the fair value of those financial liabilities measured at fair value on a recurring basis, analyzed by fair value measurement hierarchy level as of December 31, 2015 and June 30, 2016 respectively: Fair Value Measurement at Reporting Date Total Using Quoted Prices in Significant Significant Warrants As of December 31, 2015 3,216 - - 3,216 As of June 30, 2016 1,840 - - 1,840 Interest Rate Swaps As of December 31, 2015 - - - - As of June 30, 2016 156 - 156 - The following table sets forth a summary of changes in fair value of the Company’s level 2 and 3 fair value measurements for the six months ended June 30, 2016: Closing balance – December 31, 2015 3,216 Change in fair value of warrants, included in Statement of Comprehensive (loss)/income (1,376 ) Change in fair value of interest rate swaps, included in Statement of Comprehensive (loss)/income 156 Closing balance – June 30, 2016 1,996 The Company's interest rate swap did not qualify for hedge accounting. The Company estimates the fair value of its derivative financial instruments at the end of every period and reflects the resulting unrealized gain or loss during the period in Gain on financial instruments in the statement of comprehensive (loss)/income as well as presenting the fair value at the end of each period in the balance sheet. The major unobservable input in connection with the valuation of the Company’s warrants is the volatility used in the valuation model, which is approximated by using 5-year weekly historical observations of the Company’s share price. The annualized 5-year weekly historical volatility that has been applied in the warrant valuation as of June 30, 2016 was 92.67%. A 5% increase in the volatility applied would lead to an increase of 5% in the fair value of the warrants. The fair value of the Company’s warrants is considered by the Company to be classified as Level 3 in the fair value hierarchy since it is mainly derived by unobservable inputs. Quantitative information about Level 3 Fair Value Measurements Derivative Fair Value at Fair Value at Balance Sheet Valuation Significant Value December 31, 2015 Value June 30, 2016 Warrants 3,216 1,840 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 88.47% 92.67% Information on the location and amounts of derivative financial instruments fair values in the balance sheet and derivative financial instrument gains/(losses) in the statement of comprehensive (loss)/income are presented below: Amount of (loss)/ gain recognized in Unaudited Interim Condensed Statement of Comprehensive (loss)/income located in Gain on financial instruments Period ended June 30, 2015 2016 Interest rate swaps- change in fair value - (156 ) Warrants- change in fair value 367 1,376 Interest rate swaps– reversal of realized loss 225 - Total 592 1,220 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Events On August 1, 2016, the Company amended the ABN Facility to increase the borrowing limit to $64,400 and added another tranche to the loan, "Tranche C", which is secured by vessel Hull No S417 (M/T Nord Valiant). This additional $20,000 of Tranche C was used to partly finance the last shipyard installments of M/T Nord Valiant delivered on August 10, 2016. Tranche C is repayable in 12 consecutive quarterly installments of $550 each and 12 consecutive quarterly installments of $363 each, commencing on November 2016, plus a balloon installment of $9,050 payable together with the last installment in August 2022. Apart from the inclusion of M/T Nord Valiant as a collateralized vessel, no other material changes were made to the ABN Facility. On August 10, 2016, the Company took delivery of the M/T Nord Valiant. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: On May 28, 2014, the FASB issued Accounting Standard Update (“ASU”) No 2014-09 as amended by ASU 2016-08 which was issued in March 2016, ASU 2016-10 which was issued in April 2016 and ASU 2016-12 which was issued in May 2016, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard. In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 Statement of Cash Flows, Clarification of Certain Cash Receipts and Cash Payments The Company is currently evaluating the impact, if any, of the adoption of this new standard. |
Note 4 - Advances for Vessels21
Note 4 - Advances for Vessels Acquisitions / Under Construction (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Advances for Vessels Acquisition Under Construction [Table Text Block] | Advances for vessels acquisitions Balance, December 31, 2015 25,098 — Additions 48,681 — Transferred to Vessels (65,062 ) Balance, June 30, 2016 8,717 |
Note 5 - Vessels, net (Tables)
Note 5 - Vessels, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Vessel Cost Accumulated Net Book Value Balance, December 31, 2015 32,592 (548 ) 32,044 — Transferred from Advances for Vessels Acquisitions / Under Construction 65,062 - 65,062 — Depreciation charge for the period - (1,228 ) (1,228 ) Balance, June 30, 2016 97,654 (1,776 ) 95,878 |
Note 6 - Transactions with Re23
Note 6 - Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Central Mare [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Six Month Period Ended June 30, 2015 2016 Presented in: Executive officers and other personnel expenses 780 330 General and administrative expenses - Statement of comprehensive (loss)/income Amortization of awarded shares 62 16 Management fees - related parties - Statement of comprehensive (loss)/income Total 842 346 Six Months Ended June 30, 2015 2016 Presented in: Management fees 92 95 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 235 658 Management fees - related parties -Statement of comprehensive (loss)/income Supervision services fees 37 34 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 35 40 Vessel operating expenses -Statement of comprehensive (loss)/income 68 45 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 100 90 Management fees - related parties -Statement of comprehensive (loss)/income Financing fees - 91 Current and non-current portion of long-term debt – Balance sheet Commission for sale and purchase of vessels 570 - Capitalized in Vessels, net/ Advances for vessels acquisitions / under construction – Balance sheet Commission on charter hire agreements 55 146 Voyage expenses - Statement of comprehensive (loss)/income Total 1,192 1,199 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Bareboat Charter Lease Payments 2016 (remainder) 3,167 2017 6,282 2018 6,282 2019 6,282 2020 6,299 2021 and thereafter 7,316 Total 35,628 |
Schedule of Future Minimum Time-Charter Receipts [Table Text Block] | Year ending December 31, Time Charter receipts 2016 (remainder) 14,592 2017 28,945 2018 23,751 2019 4,249 Total 71,537 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Date Amount drawn December 2015 3,850 March 2016 1,500 May 2016 600 June 2016 1,100 Total 7,050 |
Note 11 - (Loss) Earnings Per26
Note 11 - (Loss) Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Six months ended June 30, 2015 2016 Income: Net (loss)/income (5,361 ) 290 Earnings per share: Weighted average common shares outstanding, basic and diluted 1,959,603 3,426,780 (Loss)/earnings per share, basic and diluted (2.74 ) 0.08 |
Note 12 - Financial Instrumen27
Note 12 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Counterparty Effective (Start) Date: Termination Date: Notional Amount On effective date Interest Rate Payable ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $16,575 1.4425% |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding December 31, 2015 Warrant Shares Outstanding December 31, 2015 Term (in years) Warrant Exercise Price Fair Value – Liability December 31, 2015 5,330,000 4,743,700 5 $2.80 3,216 Warrants Outstanding June 30, 2016 Warrant Shares Outstanding June 30, 2016 Term (in years) Warrant Exercise Price Fair Value – Liability June 30, 2016 5,273,820 4,693,700 5 $2.80 1,840 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Total Using Quoted Prices in Significant Significant Warrants As of December 31, 2015 3,216 - - 3,216 As of June 30, 2016 1,840 - - 1,840 Interest Rate Swaps As of December 31, 2015 - - - - As of June 30, 2016 156 - 156 - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Closing balance – December 31, 2015 3,216 Change in fair value of warrants, included in Statement of Comprehensive (loss)/income (1,376 ) Change in fair value of interest rate swaps, included in Statement of Comprehensive (loss)/income 156 Closing balance – June 30, 2016 1,996 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements Derivative Fair Value at Fair Value at Balance Sheet Valuation Significant Value December 31, 2015 Value June 30, 2016 Warrants 3,216 1,840 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 88.47% 92.67% |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of (loss)/ gain recognized in Unaudited Interim Condensed Statement of Comprehensive (loss)/income located in Gain on financial instruments Period ended June 30, 2015 2016 Interest rate swaps- change in fair value - (156 ) Warrants- change in fair value 367 1,376 Interest rate swaps– reversal of realized loss 225 - Total 592 1,220 |
Note 2 - Significant Accounti28
Note 2 - Significant Accounting Policies (Details Textual) - December 31, 2015 [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Reclassification of Deferred Charges from Asset to Reduction in Current and Noncurrent Liability [Member] | |
Prior Period Reclassification Adjustment | $ 1,324 |
Reclassification of Deferred Charges from Asset to Reduction in Current Liability [Member] | |
Prior Period Reclassification Adjustment | 695 |
Reclassification of Deferred Charges from Asset to Reduction in Noncurrent Liability [Member] | |
Prior Period Reclassification Adjustment | $ 629 |
Note 3 - Going Concern (Details
Note 3 - Going Concern (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
ABN Bank [Member] | Funding for Commitments for Vessel Acquisitions [Member] | |
Proceeds from Lines of Credit | $ 20,000 |
Revolving Credit Facility [Member] | Family Trading Inc [Member] | |
Line of Credit Facility, Remaining Borrowing Capacity | 7,950 |
Working Capital (Deficit) | 18,863 |
Commitments for Vessel Aquisitions | $ 23,100 |
Note 4 - Advances for Vessels30
Note 4 - Advances for Vessels Acquisitions Under Construction (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Balance | $ 25,098 |
Additions | 48,681 |
Transferred to Vessels | (65,062) |
Balance | $ 8,717 |
Note 5 - Vessels, net (Details
Note 5 - Vessels, net (Details Textual) $ in Thousands | May 20, 2016T | Jan. 21, 2016T | Jun. 30, 2016USD ($) | May 23, 2016USD ($) | Jan. 26, 2016USD ($) |
M/T Eco Revolution [Member] | |||||
Size of Vessel | T | 39,000 | ||||
Property, Plant and Equipment, Gross | $ 32,809 | ||||
Shipyard Installments, Gross | 31,400 | ||||
Capitalized Expenses, Gross | $ 1,409 | ||||
M/T Stenaweco Excellence [Member] | |||||
Size of Vessel | T | 50,000 | ||||
Property, Plant and Equipment, Gross | $ 32,124 | $ 32,253 | |||
Shipyard Installments, Gross | 30,778 | ||||
Capitalized Expenses, Gross | $ 1,475 |
Note 5 - Summary of Vessels (De
Note 5 - Summary of Vessels (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Vessels [Member] | ||
Balance, amount | $ 32,592 | |
Balance, Accumulated Depreciation | 548 | |
Balance, Net Book Value | 32,044 | |
— Transferred from Advances for Vessels Acquisitions / Under Construction | 65,062 | |
— Depreciation charge for the period | (1,228) | |
Balance, amount | 97,654 | |
Balance, Accumulated Depreciation | 1,776 | |
Balance, Net Book Value | 95,878 | |
Balance, Net Book Value | 58,475 | |
— Depreciation charge for the period | (1,228) | $ (120) |
Balance, Net Book Value | $ 105,816 |
Note 6 - Transactions with Re33
Note 6 - Transactions with Related Parties (Details Textual) - Central Shipping Monaco SAM [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Newbuilding Supervision Fee [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 491 | $ 516 |
Related Party Transaction, Amounts of Transaction | $ 1,199 | $ 1,192 |
Note 6 - Fees Charged by Relate
Note 6 - Fees Charged by Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Executive Officers and Other Personnel Expenses [Member] | Central Mare [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 330 | $ 780 |
Management Fees [Member] | Central Shipping Monaco SAM [Member] | Management Fees - Related Parties [Member] | ||
Related Party Transaction, Amounts of Transaction | 658 | 235 |
Management Fees [Member] | Central Shipping Monaco SAM [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Related Party Transaction, Amounts of Transaction | 95 | 92 |
Amortization of Awarded Shares [Member] | Central Mare [Member] | Management Fees Related Party [Member] | ||
Related Party Transaction, Amounts of Transaction | 16 | 62 |
Supervision Fee [Member] | Central Shipping Monaco SAM [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Related Party Transaction, Amounts of Transaction | 34 | 37 |
Superintendent Fees [Member] | Central Shipping Monaco SAM [Member] | Vessel Operating Expenses [Member] | ||
Related Party Transaction, Amounts of Transaction | 40 | 35 |
Superintendent Fees [Member] | Central Shipping Monaco SAM [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Related Party Transaction, Amounts of Transaction | 45 | 68 |
Accounting and Reporting Cost [Member] | Central Shipping Monaco SAM [Member] | Management Fees - Related Parties [Member] | ||
Related Party Transaction, Amounts of Transaction | 90 | 100 |
Financing Fees [Member] | Central Shipping Monaco SAM [Member] | Deferred Charges [Member] | ||
Related Party Transaction, Amounts of Transaction | 91 | |
Commission for Sale and Purchase of Vessels [Member] | Central Shipping Monaco SAM [Member] | Vessels, Net [Member] | ||
Related Party Transaction, Amounts of Transaction | 570 | |
Commissions on Charter Hire Agreements [Member] | Central Shipping Monaco SAM [Member] | Voyage Expenses [Member] | ||
Related Party Transaction, Amounts of Transaction | 146 | 55 |
Central Mare [Member] | ||
Related Party Transaction, Amounts of Transaction | 346 | 842 |
Central Shipping Monaco SAM [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1,199 | $ 1,192 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2016 | |
Stena Weco A/S [Member] | M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence [Member] | |
Number of Time Charters | 3 |
BP Shipping [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | |
Number of Time Charters | 2 |
Note 7 - Future Minimum Lease P
Note 7 - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2016USD ($) |
2016 (remainder) | $ 3,167 |
2,017 | 6,282 |
2,018 | 6,282 |
2,019 | 6,282 |
2,020 | 6,299 |
2021 and thereafter | 7,316 |
Total | $ 35,628 |
Note 7 - Future Minimum Time-Ch
Note 7 - Future Minimum Time-Charter Receipts (Details) - Time Charter Contracts [Member] $ in Thousands | Jun. 30, 2016USD ($) |
2016 (remainder) | $ 14,592 |
2,017 | 28,945 |
2,018 | 23,751 |
2,019 | 4,249 |
Total | $ 71,537 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) | May 13, 2016 | May 11, 2016 | Jan. 15, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jul. 13, 2015 | Jun. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 24, 2015 | Sep. 28, 2015 | Jul. 09, 2015 |
ABN Bank [Member] | MT Eco Fleet [Member] | ||||||||||||||
Proceeds from Lines of Credit | $ 1,200,000 | $ 21,000,000 | ||||||||||||
ABN Bank [Member] | M/T Eco Revolution [Member] | ||||||||||||||
Proceeds from Lines of Credit | $ 22,200,000 | |||||||||||||
ABN Bank [Member] | Hull S419 [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,200,000 | $ 21,000,000 | ||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,400,000 | |||||||||||||
ABN Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | |||||||||||||
Debt Instrument, LIBOR Rate | 0.63% | 0.63% | 0.63% | |||||||||||
ABN Bank [Member] | ||||||||||||||
Long-term Line of Credit | $ 42,400,000 | $ 42,400,000 | $ 42,400,000 | |||||||||||
Family Trading [Member] | Immediate Family Member of Management or Principal Owner [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Proceeds from Lines of Credit | $ 3,850,000 | 1,100,000 | $ 600,000 | $ 1,500,000 | 7,050,000 | |||||||||
Long-term Line of Credit | 7,050,000 | 7,050,000 | 7,050,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,950,000 | $ 7,950,000 | 7,950,000 | |||||||||||
Interest Expense, Related Party | 0 | |||||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0 | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | First 12 Consecutive Quarterly Installments [Member] | ||||||||||||||
Number of Consecutive Quarterly Installments | 12 | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 511,000 | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | Final 16 Consecutive Quarterly Installments [Member] | ||||||||||||||
Number of Consecutive Quarterly Installments | 16 | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 473,000 | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | Covenant Requirements for the First Three Years [Member] | ||||||||||||||
Debt Instrument, Net Asset Cover Ratio | 125.00% | |||||||||||||
Debt Instrument, Net Asset Cover Ratio, Term of Specified Ratio | 3 years | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | Covenant Requirement After Three Years [Member] | ||||||||||||||
Debt Instrument, Net Asset Cover Ratio | 143.00% | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | Collateralized Vessels [Member] | ||||||||||||||
Minimum Free Liquidity | $ 750,000 | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | Bareboated Chartered-In Vessels [Member] | ||||||||||||||
Minimum Free Liquidity | 500,000 | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | ||||||||||||||
Proceeds from Lines of Credit | $ 23,185,000 | 23,185,000 | ||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,480,000 | |||||||||||||
Total Debt To Market Adjusted Total Assets Ratio Percentage | 75.00% | |||||||||||||
Debt Instrument, Default Clause, Minimum Retainable Common Shares Outstanding Percentage | 20.00% | |||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.43% | |||||||||||||
Debt Instrument, LIBOR Rate | 0.63% | 0.63% | 0.63% | |||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | ||||||||||||||
Long-term Line of Credit | $ 23,185,000 | $ 23,185,000 | $ 23,185,000 |
Note 8 - Amounts Drawn From the
Note 8 - Amounts Drawn From the Family Trading Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 |
Revolving Credit Facility [Member] | Immediate Family Member of Management or Principal Owner [Member] | Family Trading [Member] | |||||
Proceeds from Lines of Credit | $ 3,850 | $ 1,100 | $ 600 | $ 1,500 | $ 7,050 |
Note 9 - Commitments and Cont40
Note 9 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2016USD ($) |
President, Cheif Executive Officer and Director [Member] | Newbuilding Agreement for Hull S417 [Member] | |
Contractual Obligation | $ 23.1 |
Note 10 - Common Stock, Addit41
Note 10 - Common Stock, Additional Paid-in Capital and Dividends (Details Textual) - shares | Mar. 02, 2016 | Feb. 26, 2016 | Jun. 30, 2016 |
Stock Issued during Period, Shares, Warrants Exercised | 25,000 | 25,000 | |
Class of Warrant or Right, Exercised During Period | 28,090 | 28,090 | |
Stock Issued During Period, Shares, Issued for Assumption of Liabilities | 1,355,816 |
Note 11 - (Loss) Earnings Per42
Note 11 - (Loss) Earnings Per Common Share (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | |
Class of Warrant or Right, Outstanding | 5,273,820 | 5,330,000 |
Note 11 - Calculation of Basic
Note 11 - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net (loss)/income | $ 290 | $ (5,361) |
Weighted average common shares outstanding, basic and diluted (in shares) | 3,426,780 | 1,959,603 |
(Loss)/earnings per share, basic and diluted (in dollars per share) | $ 0.08 | $ (2.74) |
Note 12 - Financial Instrumen44
Note 12 - Financial Instruments (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,693,700 | 4,743,700 |
Fair Value Assumptions Expected Volatility Rate Calculation Basis | 5 years | |
Fair Value Assumptions, Expected Volatility Rate | 92.67% | |
Increase (Decrease) in Volatility Rate Applied | 5.00% | |
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value | 5.00% |
Note 12 - ABN Amro Bank Swap (D
Note 12 - ABN Amro Bank Swap (Details) - ABN Bank [Member] - Interest Rate Swap [Member] $ in Thousands | Jun. 03, 2016USD ($) |
Effective (start) date | Apr. 13, 2018 |
Termination date | Jul. 13, 2021 |
Notional amount on effective date | $ 16,575 |
Interest rate payable | 1.4425% |
Note 12 - Estimated Fair Value
Note 12 - Estimated Fair Value of Outstanding Warrants (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Class of Warrant or Right, Outstanding | 5,273,820 | 5,330,000 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,693,700 | 4,743,700 |
Term | 5 years | 5 years |
Warrant exercise price (in dollars per share) | $ 2.80 | $ 2.80 |
Fair value - liability | $ 1,840 | $ 3,216 |
Note 12 - Valuation of Financia
Note 12 - Valuation of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | 1,840 | 3,216 |
Warrant [Member] | ||
Derivative instruments | 1,840 | 3,216 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | 156 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Interest Rate Swap [Member] | ||
Derivative instruments | $ 156 |
Note 12 - Changes in Fair Value
Note 12 - Changes in Fair Value of Level 3 Measurements (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Warrant [Member] | |
Change in fair value of derivative instruments | $ (1,376) |
Change in fair value of derivative instruments | 1,376 |
Interest Rate Swap [Member] | |
Change in fair value of derivative instruments | (156) |
Change in fair value of derivative instruments | 156 |
Closing balance | 3,216 |
Closing balance | $ 1,996 |
Note 12 - Summary of Derivative
Note 12 - Summary of Derivative Fair Values (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrants | $ 1,840,000 | $ 3,216,000 |
Fair Value Assumptions, Expected Volatility Rate | 92.67% | 88.47% |
Warrants | $ 1,840 | $ 3,216 |
Fair Value Assumptions, Expected Volatility Rate | 92.67% |
Note 12 - Amount Recognized in
Note 12 - Amount Recognized in Statement of Comprehensive (Loss)/Income Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Interest Rate Swap [Member] | ||
Derivative instruments, changes in fair vlaue | $ (156) | |
Interest rate swaps– reversal of realized loss | 225 | |
Financial Instrument Warrants [Member] | ||
Derivative instruments, changes in fair vlaue | 1,376 | 367 |
Total | $ 1,220 | $ 592 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - ABN Bank [Member] - Subsequent Event [Member] $ in Thousands | Aug. 01, 2016USD ($) |
Hull S417 [Member] | First 12 Consecutive Quarterly Installments [Member] | |
Number of Consecutive Quarterly Installments | 12 |
Line of Credit Facility, Periodic Payment | $ 550 |
Hull S417 [Member] | Final 12 Consecutive Quarterly Installments [Member] | |
Number of Consecutive Quarterly Installments | 12 |
Line of Credit Facility, Periodic Payment | $ 363 |
Hull S417 [Member] | |
Line of Credit Facility, Increase (Decrease) of Maximum Borrowing Capacity | 20,000 |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 9,050 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,400 |