Top Ships (TOPS) 6-K/A 23 Oct 18 2018 Q2 Current report (foreign) (amended) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2018
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 Current Reporting Status	Yes
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 584	$ 24,081
Trade accounts receivable	638	621
Prepayments and other	602	428
Inventories	570	645
Prepaid bareboat charter hire	1,656	1,656
Deferred charges		341
Restricted cash	1,326	1,283
Total current assets	5,376	29,055
FIXED ASSETS:
Advances for vessels under construction (Note 4(a))	27,763	6,757
Vessels, net (Note 4(b))	151,933	154,935
Other fixed assets, net	982	1,042
Total fixed assets	180,678	162,734
OTHER NON CURRENT ASSETS:
Prepaid bareboat charter hire	4,450	5,278
Restricted cash	5,407	5,249
Investments in unconsolidated joint ventures (Note 12)	21,617	17,738
Derivative financial instruments (Note 11)	1,760	394
Total non-current assets	33,234	28,659
Total assets	219,288	220,448
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	9,126	9,508
Short-term debt (Note 7)	16,294	10,183
Due to related parties (Note 5)	3,850	120
Accounts payable	3,423	2,799
Accrued liabilities	2,386	1,985
Unearned revenue	521	986
Total current liabilities	35,600	25,581
NON-CURRENT LIABILITIES:
Derivative financial instruments (Note 11)	4,491	3,335
Debt from related parties (Note 7)	920
Non-current portion of long term debt (Note 7)	79,606	84,258
Total non-current liabilities	85,017	87,593
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	120,617	113,174
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2017 and June 30, 2018	1	1
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 8,923,617 and 19,227,962 shares issued and outstanding at December 31, 2017 and June 30, 2018(Note 9)	192	89
Additional paid-in capital	401,747	402,644
Accumulated deficit	(303,269)	(296,645)
Total stockholders’ equity	98,671	106,089
Non-controlling Interests		1,185
Total equity	98,671	107,274
Total liabilities and stockholders’ equity	$ 219,288	$ 220,448

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
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, shares issued (in shares)	19,227,962	8,923,617
Common stock, shares outstanding (in shares)	19,227,962	8,923,617
Series D Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	100,000	100,000

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
REVENUES:
Revenues	$ 19,683	$ 18,982
EXPENSES:
Voyage expenses	492	496
Bareboat charter hire expenses	3,115	3,115
Amortization of prepaid bareboat charter hire	828	829
Other vessel operating expenses	7,135	6,596
Vessel depreciation (Note 4(b))	3,002	2,790
Management fees-related parties (Note 5)	4,254	3,126
Other operating gain, net		(914)
General and administrative expenses	4,358	3,502
Operating loss	(3,501)	(558)
OTHER INCOME (EXPENSES):
Interest and finance costs (including $143 and $361, respectively to related party)	(3,350)	(7,457)
Gain on financial instruments, net (Note 11)	130	1,057
Debt forgiveness		1,118
Interest income	98
Other, net		2
Total other loss, net	(3,122)	(5,280)
Net loss and comprehensive loss	(6,623)	(5,838)
Equity gains in unconsolidated joint ventures	4
Net loss attributable to common shareholders	(6,619)	(5,838)
Common stock holders	(6,624)	(5,847)
Non-controlling interests	$ 5	$ 9
Loss per common share, basic and diluted (Note 10) (in dollars per share)	$ (0.42)	$ (10,422.45)
Weighted average common shares outstanding, basic and diluted (in shares)	15,620,543	561

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Interest and finance costs, related party	$ 361	$ 143

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Common Stock [Member]Crede [Member]	[1]	Common Stock [Member]Maxim [Member]	[1]	Common Stock [Member]Series C Convertible Preferred Stock [Member]		Common Stock [Member]Series B Convertible Preferred Stock [Member]		Common Stock [Member]Series D Convertible Preferred Stock [Member]	[1]	Common Stock [Member]		Preferred Stock [Member]Maxim [Member]	Preferred Stock [Member]Series D Convertible Preferred Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]Crede [Member]	[1]	Additional Paid-in Capital [Member]Maxim [Member]	[1]	Additional Paid-in Capital [Member]Series C Convertible Preferred Stock [Member]	[1]	Additional Paid-in Capital [Member]Series B Convertible Preferred Stock [Member]	[1]	Additional Paid-in Capital [Member]Series D Convertible Preferred Stock [Member]	[1]	Additional Paid-in Capital [Member]		Retained Earnings [Member]Maxim [Member]	Retained Earnings [Member]Series D Convertible Preferred Stock [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]Maxim [Member]	Noncontrolling Interest [Member]Series D Convertible Preferred Stock [Member]	Noncontrolling Interest [Member]	Crede [Member]	Maxim [Member]	Series C Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series D Convertible Preferred Stock [Member]	Total
Balance (in shares) at Dec. 31, 2016	[1]											31
Balance at Dec. 31, 2016																											$ 328,762	[1]			$ (283,241)									$ 45,521
Net (loss)/income													[1]															[1]			(5,847)			$ 9						(5,838)
Issuance of common stock pursuant to convertible related party loans (in shares)	[1]											4
Issuance of common stock pursuant to convertible related party loans																											2,040	[1]												2,040
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) (in shares)												3,485	[1]		100,000
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11)													[1]												$ 1		28,623	[1]											$ 1	28,623
Issuance of common stock pursuant to Series C convertible preferred shares conversions (in shares)	[1]					10,839		39
Issuance of common stock pursuant to Series C convertible preferred shares conversions							[1]		[1]												$ 3,153		$ 1,372														$ 3,153	$ 1,372
Series C convertible preferred stock's beneficial conversion feature																					7,500																7,500
Issuance of common stock due to exercise of warrants (in shares)	[1]											2
Issuance of common stock due to exercise of warrants																											487	[1]												487
Stock-based compensation																											(8)	[1]												(8)
Excess of consideration over acquired assets																											(9,309)	[1]												(9,309)
Issuance of common stock pursuant to Series B convertible preferred stock conversions reflected in Mezzanine equity							[1]		[1]												$ 3,153		$ 1,372														$ 3,153	$ 1,372
Additional paid-in capital attributed to non-controlling interests																											(1,124)	[1]						1,124
Balance (in shares) at Jun. 30, 2017												14,400	[1]			100,000
Balance at Jun. 30, 2017																											361,497	[1]			(289,088)			1,133						73,542
Balance (in shares) at Dec. 31, 2017												8,923,617	[1]			100,000
Balance at Dec. 31, 2017												$ 89	[1]			$ 1											402,644	[1]			(296,645)			1,185						107,274
Net (loss)/income													[1]															[1]			(6,624)			5						(6,619)
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) (in shares)		8,050,000		2,254,348
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11)		$ 81		$ 23													$ 14,709		$ 2,341																$ 14,790	$ 2,364
Stock-based compensation																											(17)	[1]												(17)
Excess of consideration over acquired assets													[1]														(22,260)	[1]												(22,260)
Balance (in shares) at Jun. 30, 2018												19,227,962				100,000
Stock-based compensation (in shares)	[1]
Family Trading facility beneficial conversion feature (Note 7)																											4,330	[1]												4,330
Purchase of 10% of M/T Stenaweco Elegance (Note 1)																																		(1,190)						(1,190)
Cancellation of fractional shares due to reverse stock splits												$ (1)																[1]												(1)
Cancellation of fractional shares due to reverse stock splits (in shares)	[1]											(3)
Balance at Jun. 30, 2018												$ 192				$ 1																								$ 98,671
[1]	Adjusted to reflect the reverse stock splits effected in March 2018 (see Note 9)

Unaudited Interim Condensed C_6

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net Cash (used in)/ provided by Operating Activities	$ 597	$ (1,206)
Cash Flows from Investing Activities:
Advances for vessels under construction	(20,591)
Vessel acquisitions (Note 4)		(43,755)
Purchase of 10% of M/T Stenaweco Elegance (Note 1)	(1,190)
Investments in unconsolidated joint ventures (Note 12)	(3,820)	(11,200)
Net Cash used in Investing Activities	(25,601)	(54,955)
Cash Flows from Financing Activities:
Proceeds from debt (Note 7)	9,184	23,350
Proceeds from short-term Notes (Note 7)	11,769	34,200
Proceeds from related party debt (Note 7)	5,280	2,958
Principal payments of debt (Note 7)	(5,010)	(4,560)
Prepayment of related party debt		(4,085)
Consideration paid in excess of purchase price over book value of vessels (Note 1)	(21,397)
Proceeds from warrant exercises		513
Proceeds from equity offerings	2,531
Equity offerings costs	(71)	(409)
Payment of financing costs	(578)	(949)
Net Cash provided by Financing Activities	1,708	58,518
Net increase/(decrease) in cash and cash equivalents and restricted cash	(23,296)	2,357
Cash and cash equivalents and restricted cash at beginning of year	30,613	5,594
Cash and cash equivalents and restricted cash at end of the period	7,317	7,951
Cash and cash equivalents	584	1,589
Restricted cash, current	1,326	1,270
Restricted cash, non-current	5,407	5,092
SUPPLEMENTAL CASH FLOW INFORMATION
Capital expenditures included in Accounts payable/Accrued liabilities	448	367
Consideration for purchase of net assets included in Due to related parties	863
Interest paid net of capitalized interest	2,557	2,303
Finance fees included in Accounts payable/Accrued liabilities	55	3
Offering expenses included in liabilities	152	719
Equity Offering of Common Stock to Settle Notes [Member]
SUPPLEMENTAL CASH FLOW INFORMATION
Shares issued in exchange for converting debt, interest & finance fees	14,810	29,306
Stock Issued in Exchange for Converting Debt, Interest & Finance Fees [Member]
SUPPLEMENTAL CASH FLOW INFORMATION
Shares issued in exchange for converting debt, interest & finance fees		4,238
Series C Convertible Preferred Stock [Member]
Cash Flows from Financing Activities:
Proceeds from issuance of Series C convertible preferred stock		$ 7,500

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2018
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, May 2004 December 2007, As of June 30, 2018, not 100% Companies Date of Incorporation Country of Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Wholly owned Shipowning Companies with vessels in operation during six June 30, 2018 Date of Country of Vessel 1 Monte Carlo 71 June 2014 Marshall Islands M/T Stenaweco Energy (acquired June 2014), January 2015 2 Monte Carlo One Shipping Company Ltd June 2012 Marshall Islands M/T Stenaweco Evolution (acquired March 2014), 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 M/T Nord Valiant (acquired March 2014) 5 Monte Carlo 37 September 2013 Marshall Islands M/T Eco Fleet (acquired March 2014) 6 Monte Carlo 39 December 2013 Marshall Islands M/T Eco Revolution (acquired March 2014 ) 7 Eco Seven Inc. February 2017 Marshall Islands M/T Stenaweco Elegance (acquired February, 2017) Wholly owned Shipowning Companies with vessels under construction during six June 30, 2018 Date of Country of Vessel 8 Astarte International Inc. April 2017 Marshall Islands M/T Eco Palm Desert (contract acquired April 2017) 9 PCH77 September 2017 Marshall Islands M/T Eco California (contract acquired November 2017) 10 PCH Dreaming Inc. January 2018 Marshall Islands M/T Eco Marina Del Ray (contract acquired January 2018) 11 South California Inc. January 2018 Marshall Islands M/T Eco Bel Air (contract acquired January 2018) 12 Malibu Warrior Inc. January 2018 Marshall Islands M/T Eco Beverly Hills (contract acquired January 2018) As of June 30, 2018, 50% Shipowning Companies Date of Country of Vessel 1 City of Athens Inc. November 2016 Marshall Islands M/T Eco Holmby Hills (acquired June, 2017) 2 Eco Nine Inc. March 2015 Marshall Islands M/T Eco Palm Springs (acquired June, 2017) 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 20 December 31, 2017, March 29, 2018. 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 June 30, 2018 not December 31, 2018. On January 31, 2018 a. 100% 50,000 M/T Eco Marina Del Ray or Hull No 8242 March 2019. $3,950. one $16, two $17 $18, June 2018 5 $15.1. b. 100% 157,000 M/T Eco Bel Air or Hull No 874 April 2019. $8,950. one $25, two $26 $27, June 3 $25, two $28 $29.5, c. 100% 157,000 M/T Beverly Hills or Hull No 875 May 2019. $8,950. one $25, two $26 $27, June 2018 3 $25, two $28 $29.5, d. 10% 50,000 February 2017 $1,600. 100% Each of the acquisitions was approved by a special committee of the Company’s board of directors, (the "Transaction Committee"), of which all of the directors were independent. The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company’s additional paid in capital and presented as Excess of consideration over the carrying value of acquired assets in the Company’s consolidated statement of stockholders' equity for the six June 30, 2018. Consideration in cash 23,450 Less: Carrying value of Net assets of companies acquired 1,190 Excess of consideration over acquired assets 22,260

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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, 2017 20 March 29, 2018. no six June 30, 2018. During the six June 30, 2018, ASU 2014 09 May 28, 2014, No 2014 09 2014 09, not 2016 02. ASU No. 2016 02, February 2016, 2016 02, 842 twelve December 15, 2018. 2016 02 June 30, 2018, $23,064. ASU 2016 15 no In June 2018, 2018 07, 718 718, 2018 07, 718 December 15, 2018, In August 2018, 2018 13, 820 820, December 15, 2019. 3 not

Note 3 - Going Concern

Note 3 - Going Concern	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Going Concern [Text Block]	3. Going Concern: At June 30, 2018, $30,224 $584. June 30, 2018, $189,337. $46,269 2018 $143,068 June 30, 2019. 2018, $34,025 June 30, 2018 twelve $6,308. As of June 30, 2018, $61,929 6 7 $72,069 July 2018 $10,140 $80,517 September 2018 13 $80,517, $18,590 first 2019. one twelve not

Note 4(a) - Advances for Vessel

Note 4(a) - Advances for Vessels Under Construction	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Advances for Vessels Acquisition Under Construction [Text Block]	4 Advances for Vessels under construction: An analysis of Advances for vessels under construction included in the accompanying unaudited interim condensed consolidated balance sheets is as follows: Advances for vessels Balance, December 31, 2017 6,757 — Advances paid 19,930 —Capitalized expenses 1,076 Balance, June 30, 2018 27,763

Note 4(b) - Vessels, Net

Note 4(b) - Vessels, Net	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4 The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Net Book Value Balance, December 31, 2017 164,694 (9,759 ) 154,935 — Depreciation - (3,002 ) (3,002 ) Balance, June 30, 2018 164,694 (12,761 ) 151,933 The Company's vessels have been mortgaged as security under its loan facilities (see Note 7

Note 5 - Transactions With Rela

Note 5 - Transactions With Related Parties	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	5. Transactions with Related Parties: (a) Central Mare– Executive Officers and Other Personnel Agreements: September 1, 2010, The fees charged by Central Mare for the six June 30, 2017 2018 Six Month Period Ended June 30, 2017 2018 Presented in: Executive officers and other personnel expenses 1,200 1,200 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares - (17 ) Management fees - related parties - Statement of comprehensive loss Total 1,200 1,183 On March 27, 2017 January 2, 2018, $1,500 $2,250 (b) Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements: March 10, 2014, The fees charged by and expenses relating to CSM for the periods ended June 30, 2017 2018 Six Months Ended June 30, 2017 2018 Presented in: Management fees 34 - Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,081 1,159 Management fees - related parties -Statement of comprehensive loss Supervision services fees 8 27 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 43 43 Vessel operating expenses -Statement of comprehensive loss 15 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 88 113 Management fees - related parties -Statement of comprehensive loss Financing fees - 24 Short-term debt – Balance sheet Commission for sale and purchase of vessels 707 1,749 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 236 245 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 1,250 Management fees - related parties -Statement of comprehensive loss Total 3,462 4,625 For periods ended June 30, 2017 2018, $109 $386 not (c) Vessel Acquisitions from affiliated entities: January 31, 2018 10% 1 4

Note 6 - Leases

Note 6 - Leases	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	6. 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, 2018, Year ending December 31, Bareboat Charter Lease Payments 2018 (remainder) 3,167 2019 6,282 2020 6,299 2021 6,282 2022 1,034 Total 23,064 B. Lease arrangements, under which the Company acts as the lessor Charter agreements: In the period ended June 30, 2018, four two one Furthermore the company has entered into time charter parties for its newbuilding vessels, namely with BP (M/T Eco Bel Air and M/T Eco Beverly Hills), Cargill (M/T Eco Marina Del Ray), Shell Tankers Singapore Private Limited (M/T Eco California) and Central Tanker Chartering Inc (M/T Eco Palm Desert). Future minimum time-charter receipts, based on the vessels commitments to these non-cancellable time charter contracts, as of June 30, 2018, Year ending December 31, Time Charter receipts 2018 (remainder) 21,350 2019 55,955 2020 62,857 2021 37,935 2022 11,612 2023 5,512 2024 1,329 Total 196,550 In arriving at the minimum future charter revenues, an estimated 20 no no

Note 7 - Debt

Note 7 - Debt	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Debt: Details of the Company’s credit facilities are discussed in Note 9 December 31, 2017. a. Long-term debt ABN Facility As at June 30, 2018, $50,350. three June 30, 2018 2.36%. NORD/LB Facility As at June 30, 2018, $19,093. three June 30, 2018 2.32%. Alpha Bank Facility As at June 30, 2018, $21,350. three June 30, 2018 2.33%. AT Bank The Company on June 1, 2018 2% 1.3%, March 6, 2018. As of June 30, 2018, not $23,500 June 30, 2018, b. Short-term debt Unsecured Notes On December 14, 2017, third $12,500 two $5,000 January 5, 2018, second $5,369 $4,631 February 8, 2018, third $6,400. three The Crede Notes mature 24 2.0% ninety 10.0% ninety ninety 15.0% one hundred eighty As of June 30, 2018, first second $5,836 third AT Bank Predelivery Facility The Company during the period ended June 30, 2018 $7,494 four The Company on June 1, 2018 6.3% 8.5% 4.25% 0%, March 6, 2018. The applicable three June 30, 2018 2.32%. June 30, 2018 $8,993 $0. AT Bank Second Predelivery Facility On June 1, 2018, $10,140 five five June December 2018 January 2019. The facility contains various covenants, including a ratio of total net debt to the aggregate market value of the Company's fleet, current or future, of no 75% $750 $500 The facility is secured as follows: · Assignment to the bank of the newbuilding contract and of the respective refund guarantee of M/T Eco California; · Corporate guarantee of Top Ships Inc.; · Pledge of the shares of the subsidiary owning the newbuilding contract; The AT Bank Second Predelivery Facility bears interest at LIBOR plus a margin of 6.3% 6% September 2018 no $1,690 June 2018, one June 30, 2018 $1,690 $8,450. three June 30, 2018 2.30%. c. Long-term debt from related parties Amended Family Trading Credit Facility As of June 30, 2018, $5,280, $170, June 30, 2018 $5,280, $4,330 470 20. $140 June 30, 2018 $6,572 The commitment fees payable and interest payable are $142 $27 June 30, 2018 $0.60 8,800,000 As of June 30, 2018, d. Financing committed under sale and leaseback agreement On June 29, 2018 5 No 8242 March 2019. $8.6 five five five $22,680. $32,400. The abovementioned sale and leaseback transaction contains, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. Commitments and Contingencies: Legal proceedings: Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company's customers may On August 1, 2017, February 2017 August 2017. in response to that subpoena. On September 26, 2018 October 5, 2018 two August 1, 2017. not On August 23, 2017, No. 2:17 04987 two January 17, 2017 August 22, 2017, two 9, 10 20 1934 10b 5 August 24, 2017, second No. 2:17 05016 10 20 10b 5 July 20, 2018, two no. 2:17 04987 August 3, 2018, one July 20, 2018 September 18, 2018 November 23, 2016 April 3, 2018, 9, 10 20 20A 1934 10b 5 July 20, 2018 Other than the cases mentioned above, the Company is not Capital Expenditures under the Company’s Newbuilding program: The Company has remaining contractual commitments for the acquisition of its fleet totaling $189,337, $17,985, $28,730, $32,420, $55,101 $55,101 $46,269 2018 $143,068 2019. Environmental Liabilities: 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

Note 9 - Common Stock, Addition

Note 9 - Common Stock, Additional Paid-in Capital and Dividends	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. 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, 2017 20 March 29, 2018. Reverse stock split: March 26, 2018, 1 10 no Second Crede Purchase Agreement: December 11, 2017, second $25,000 24 $500 no No June 30, 2018, $14,810 8,050,000 May 23, 2018. Equity distribution agreement: May 25, 2018, may $14,250 12 no No June 30, 2018, 2% $2,531 2,254,348 Warrants: June 30, 2018 no no June 30, 2018 1,976,389 June 6, 2014, 8,794,933 $0.56, may February 2017 2 not $675,000 75% twenty-one 21 no $0.25. Dividends: No June 30, 2018.

Note 10 - Loss Per Common Share

Note 10 - Loss Per Common Share	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	10. Loss 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 The components of the calculation of basic and diluted earnings per share for the periods ended June 30, 2017 2018 Six months ended June 30, 2017 2018 Income: Net loss attributable to common shareholders (5,847 ) (6, 624 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 561 15,620,543 Loss per share, basic and diluted (10,422.45 ) (0.42 ) For the periods ended June 30, 2017 2018 no

Note 11 - Financial Instruments

Note 11 - Financial Instruments	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	11. Financial Instruments: The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of short and long term loans, Unsecured Notes, related party loan, accounts payable due to suppliers, amounts due from/to related parties, accrued liabilities, interest rate swaps and warrants granted to third a) Interest rate risk: b) Credit risk: c) Fair value: The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash are considered Level 1 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 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 and, hence, they are considered Level 2 The fair value of warrants is determined using the Cox, Ross and Rubinstein Binomial methodology and hence are considered Level 3 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 three Level 1: Level 2: Level 3: not Interest rate swap agreements The Company has 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 credit facilities. These interest rate swap transactions fixed the interest rates based on predetermined ranges in LIBOR rates. The Company has entered into the following agreements with ABN Amro Bank, Nord/LB Bank and Alpha Bank relating to interest rate swaps, the details of which were as follows: Agreement Date Counterparty Effective (start) date: Termination Date: Notional amount Interest rate payable June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $ 16,575 1.4425 % December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $ 20,700 2.0800 % December 19, 2016 ABN Amro Bank December 21, 2016 August 10, 2022 $ 19,450 2.1250 % March 29, 2017 NORD/LB Bank May 17, 2017 May 17, 2023 $ 21,139 2.1900 % March 29, 2018 Alpha Bank March 29, 2018 February 25, 2025 $ 21,900 2.9700 % The fair value of the swaps was considered by the Company to be classified as Level 2 2 Warrant liability The Company's warrants outstanding as of December 31, 2017 June 30, 2018, June 30, 2018 1,976,389 June 11, 2014, Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 2,134,501 5 $ 2.30 3,332 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 8,794,933 5 $ 0.56 4,445 * Applying the Variable Exercise Price as applicable at June 30, 2018 Fair value of financial liabilities The following table presents the fair value of those financial assets and liabilities measured at fair value on a recurring basis and their locations on the accompanying consolidated balance sheets, analyzed by fair value measurement hierarchy level: Fair Value Measurement at Reporting Date As of December 31, 2017 Total Using Quoted Prices in Significant Significant Non-current asset 394 - 394 - Non-current liability 3,335 - 3 3,332 As of June 30, 2018 Non-current asset 1,760 - 1,760 - Non-current liability 4,491 - 46 4,445 The following table sets forth a summary of changes in fair value of the Company’s level 3 six June 30, 2018: Closing balance – December 31, 2017 3,332 Change in fair value of warrants, included in the consolidated statements of comprehensive loss 1,113 Closing balance – June 30, 2018 4,445 Derivative Financial Instruments not The Company's interest rate swaps did not (loss) on derivative financial instruments in the statement of comprehensive loss 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 yearly historical observations of the Company’s share price. The yearly historical volatility that has been applied in the warrant valuation as of June 30, 2018 246%. 5% 2.9% 3 Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at Fair Value at Balance Sheet Valuation Significant Value Value Warrants 3,332 4,445 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 233 % 246 % Information on the location and amounts of derivative financial instruments fair values in the balance sheet and derivative financial instrument losses in the statement of comprehensive loss are presented below: Amount of gain recognized in Statement of June 30, 2017 June 30, 2018 Interest rate swaps- change in fair value (388 ) 1,324 Interest rate swaps– realized loss (234 ) (81 ) Warrants- change in fair value 1,679 (1,113 ) Total 1,057 130

Note 12 - Investments in Uncons

Note 12 - Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	12. Investments in unconsolidated joint ventures During the period ended June 30, 2018 $2,243 $833 $744 On March 12, 2018 $35,900 $17,948 $17,952 20 $299 three $11,965 $11,968 2.90%. On March 15, 2018, 50,000 March 20, 2018 On May 23, 2018, 50,000 May 26, 2018

Note 13 - Subsequent Events

Note 13 - Subsequent Events	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Events On July 11, 2018, $10,140 five five July 2018 February 2019. March 2019. The facility contains restrictions on the subsidiary that owns the newbuilding contract from incurring further indebtedness or guarantees and from paying any dividends if the latter would result in an event of default. The facility is secured as follows: · Assignment to the bank of the newbuilding contract and of the respective refund guarantee of M/T Eco Marina Del Ray; · Corporate guarantee of Top Ships Inc.; · Pledge of the shares of the subsidiary owning the newbuilding contract; The facility bears interest at LIBOR plus a margin of 4.25% 1% $1,690 July 2018, one On July 23, 2018, On September 7, 2018 50,000 On September 11, 2018 $92,500 874 875, April May 2019, seven three no On September 27, 2018, December 31, 2019, $20,000, 12%, 2% 5%. of issuance of these financial statements the balance of the Amended and Restated Family Trading Credit Facility is $17,367.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	ASU 2014 09 May 28, 2014, No 2014 09 2014 09, not 2016 02. ASU No. 2016 02, February 2016, 2016 02, 842 twelve December 15, 2018. 2016 02 June 30, 2018, $23,064. ASU 2016 15 no In June 2018, 2018 07, 718 718, 2018 07, 718 December 15, 2018, In August 2018, 2018 13, 820 820, December 15, 2019. 3 not

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Consideration in cash 23,450 Less: Carrying value of Net assets of companies acquired 1,190 Excess of consideration over acquired assets 22,260

Note 4(a) - Advances for Vess_2

Note 4(a) - Advances for Vessels Under Construction (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Advances for Vessels Acquisition Under Construction [Table Text Block]	Advances for vessels Balance, December 31, 2017 6,757 — Advances paid 19,930 —Capitalized expenses 1,076 Balance, June 30, 2018 27,763

Note 4(b) - Vessels, Net (Table

Note 4(b) - Vessels, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	Vessel Cost Accumulated Net Book Value Balance, December 31, 2017 164,694 (9,759 ) 154,935 — Depreciation - (3,002 ) (3,002 ) Balance, June 30, 2018 164,694 (12,761 ) 151,933

Note 5 - Transactions With Re_2

Note 5 - Transactions With Related Parties (Tables)	6 Months Ended
	Jun. 30, 2018
Central Mare [Member]
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Six Month Period Ended June 30, 2017 2018 Presented in: Executive officers and other personnel expenses 1,200 1,200 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares - (17 ) Management fees - related parties - Statement of comprehensive loss Total 1,200 1,183 Six Months Ended June 30, 2017 2018 Presented in: Management fees 34 - Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,081 1,159 Management fees - related parties -Statement of comprehensive loss Supervision services fees 8 27 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 43 43 Vessel operating expenses -Statement of comprehensive loss 15 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 88 113 Management fees - related parties -Statement of comprehensive loss Financing fees - 24 Short-term debt – Balance sheet Commission for sale and purchase of vessels 707 1,749 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 236 245 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 1,250 Management fees - related parties -Statement of comprehensive loss Total 3,462 4,625

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31, Bareboat Charter Lease Payments 2018 (remainder) 3,167 2019 6,282 2020 6,299 2021 6,282 2022 1,034 Total 23,064
Schedule of Future Minimum Time-Charter Receipts [Table Text Block]	Year ending December 31, Time Charter receipts 2018 (remainder) 21,350 2019 55,955 2020 62,857 2021 37,935 2022 11,612 2023 5,512 2024 1,329 Total 196,550

Note 10 - Loss Per Common Sha_2

Note 10 - Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Six months ended June 30, 2017 2018 Income: Net loss attributable to common shareholders (5,847 ) (6, 624 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 561 15,620,543 Loss per share, basic and diluted (10,422.45 ) (0.42 )

Note 11 - Financial Instrumen_2

Note 11 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	Agreement Date Counterparty Effective (start) date: Termination Date: Notional amount Interest rate payable June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $ 16,575 1.4425 % December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $ 20,700 2.0800 % December 19, 2016 ABN Amro Bank December 21, 2016 August 10, 2022 $ 19,450 2.1250 % March 29, 2017 NORD/LB Bank May 17, 2017 May 17, 2023 $ 21,139 2.1900 % March 29, 2018 Alpha Bank March 29, 2018 February 25, 2025 $ 21,900 2.9700 %
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 2,134,501 5 $ 2.30 3,332 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 8,794,933 5 $ 0.56 4,445
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurement at Reporting Date As of December 31, 2017 Total Using Quoted Prices in Significant Significant Non-current asset 394 - 394 - Non-current liability 3,335 - 3 3,332 As of June 30, 2018 Non-current asset 1,760 - 1,760 - Non-current liability 4,491 - 46 4,445
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Closing balance – December 31, 2017 3,332 Change in fair value of warrants, included in the consolidated statements of comprehensive loss 1,113 Closing balance – June 30, 2018 4,445
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at Fair Value at Balance Sheet Valuation Significant Value Value Warrants 3,332 4,445 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 233 % 246 %
Derivative Instruments, Gain (Loss) [Table Text Block]	Amount of gain recognized in Statement of June 30, 2017 June 30, 2018 Interest rate swaps- change in fair value (388 ) 1,324 Interest rate swaps– realized loss (234 ) (81 ) Warrants- change in fair value 1,679 (1,113 ) Total 1,057 130

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation and General Information (Details Textual)	Jan. 31, 2018USD ($)T	Jun. 30, 2018USD ($)
PCH Dreaming, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Size of Vessel | T	50,000
Business Combination, Consideration Transferred, Total	$ 3,950,000
Charter Term	1 year	5 years
Charter Rate Per Day	$ 16,000	$ 15,100
Charter Option To Extend Term	2 years
Charter Option to Extend, Rate Per Day, Year One	$ 17,000
Charter Option to Extend, Rate Per Day, Year Two	$ 18,000
South California, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Size of Vessel | T	157,000
Business Combination, Consideration Transferred, Total	$ 8,950,000
Charter Term	1 year	3 years
Charter Rate Per Day	$ 25,000	$ 25,000
Charter Option To Extend Term	2 years	2 years
Charter Option to Extend, Rate Per Day, Year One	$ 26,000	$ 28,000
Charter Option to Extend, Rate Per Day, Year Two	$ 27,000	$ 29,500
Malibu Warrior, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Size of Vessel | T	157,000
Business Combination, Consideration Transferred, Total	$ 8,950,000
Charter Term	1 year	3 years
Charter Rate Per Day	$ 25,000	$ 25,000
Charter Option To Extend Term	2 years	2 years
Charter Option to Extend, Rate Per Day, Year One	$ 26,000	$ 28,000
Charter Option to Extend, Rate Per Day, Year Two	$ 27,000	$ 29,500
ECO Seven, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	10.00%
Size of Vessel | T	50,000
Business Combination, Consideration Transferred, Total	$ 1,600,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total	100.00%
City of Athens [Member]
Equity Method Investment, Ownership Percentage		50.00%
Eco Nine [Member]
Equity Method Investment, Ownership Percentage		50.00%

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation and General Information - Excess of Consideration Over Acquired Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Excess of consideration over acquired assets	$ (22,260)	$ (9,309)
Astarte [Member]
Consideration in cash	23,450
Less: Carrying value of Net assets of companies acquired	1,190
Excess of consideration over acquired assets	$ 22,260

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	Jun. 30, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Total	$ 23,064

Note 3 - Going Concern (Details

Note 3 - Going Concern (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Jul. 11, 2018	Dec. 31, 2017	Jun. 30, 2017
Working Capital Surplus (Deficit)	$ (30,224)
Cash and Cash Equivalents, at Carrying Value, Ending Balance	584			$ 24,081	$ 1,589
Contractual Obligation, Total	189,337
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year	46,269
Contractual Obligation, Due in Second Year	143,068
Contractual Obligations Settled	34,025
Line of Credit Facility, Remaining Borrowing Capacity	$ 61,929
Subsequent Event [Member]
Line of Credit Facility, Remaining Borrowing Capacity		$ 80,517	$ 72,069
Subsequent Event [Member] | Pre-delivery Facilities [Member]
Line of Credit Facility, Remaining Borrowing Capacity			18,590
Subsequent Event [Member] | Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,140

Note 4(a) - Advances for Vess_3

Note 4(a) - Advances for Vessels Under Construction - Advances for Vessels Acquisitions Under Construction (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Balance	$ 6,757
— Advances paid	19,930
—Capitalized expenses	1,076
Balance	$ 27,763

Note 4(b) - Vessels, Net - Summ

Note 4(b) - Vessels, Net - Summary of Vessels (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Depreciation	$ (3,002)	$ (2,790)
Balance, Net Book Value	162,734
Depreciation	(3,002)	$ (2,790)
Balance, Net Book Value	180,678
Vessels [Member]
Balance, cost	164,694		$ 164,694
Balance, Accumulated Depreciation	(9,759)
Depreciation	(3,002)
Balance, Accumulated Depreciation	(12,761)
Balance, Net Book Value	154,935
Depreciation	(3,002)
Balance, Net Book Value	$ 151,933

Note 5 - Transactions With Re_3

Note 5 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands	Jan. 02, 2018	Mar. 27, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 31, 2018
Proceeds from Related Party Debt			$ 5,280	$ 2,958
Chief Executive Officer [Member] | Incentive Compensation for Completion of Newbuilding Program [Member]
Related Party Transaction, Amounts of Transaction		$ 1,500
Proceeds from Related Party Debt	$ 2,250
Central Shipping Monaco SAM [Member]
Related Party Transaction, Amounts of Transaction			4,625	3,462
Central Shipping Monaco SAM [Member] | Newbuilding Supervision Fee [Member]
Related Party Transaction, Amounts of Transaction			$ 386	$ 109
Affiliated Entity [Member] | M/T Stenaweco Elegance [Member]
Equity Method Investment, Ownership Percentage					10.00%

Note 5 - Transactions With Re_4

Note 5 - Transactions With Related Parties - Fees Charged by Related Parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Central Mare [Member]
Fees charged	$ 1,183	$ 1,200
Central Mare [Member] | Executive Officers and Other Personnel Expenses [Member] | General and Administrative Expense [Member]
Fees charged	1,200	1,200
Central Mare [Member] | Amortization of Awarded Shares [Member] | Management Fees Related Party [Member]
Fees charged	(17)
Central Shipping Monaco SAM [Member]
Fees charged	4,625	3,462
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member]
Fees charged		34
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Management Fees - Related Parties [Member]
Fees charged	1,159	1,081
Central Shipping Monaco SAM [Member] | Supervision Fee [Member] | Advances for Vessels Acquisitions/under Construction [Member]
Fees charged	27	8
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member]
Fees charged	15	15
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member]
Fees charged	43	43
Central Shipping Monaco SAM [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member]
Fees charged	113	88
Central Shipping Monaco SAM [Member] | Financing Fees [Member] | Deferred Charges [Member]
Fees charged	24
Central Shipping Monaco SAM [Member] | Commission for Sale and Purchase of Vessels [Member] | Vessels, Net [Member]
Fees charged	1,749	707
Central Shipping Monaco SAM [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member]
Fees charged	245	236
Central Shipping Monaco SAM [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member]
Fees charged	$ 1,250	$ 1,250

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual)	6 Months Ended
	Jun. 30, 2018
Stena Weco A/S [Member] | M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence, M/T Stenaweco Elegance [Member]
Number of Time Charters	4
BP Shipping [Member] | M/T Eco Fleet and M/T Eco Revolution [Member]
Sale Leaseback Transaction, Number of Vessels	2
Dampskibsselskabet Norden A/S [Member] | M/T Nord Valiant [Member]
Number of Time Charters	1

Note 6 - Leases - Future Minimu

Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2018USD ($)
2018 (remainder)	$ 3,167
2,019	6,282
2,020	6,299
2,021	6,282
2,022	1,034
Total	$ 23,064

Note 6 - Leases - Future Mini_2

Note 6 - Leases - Future Minimum Time-charter Receipts (Details) - Time Charter Contracts [Member] $ in Thousands	Jun. 30, 2018USD ($)
2018 (remainder)	$ 21,350
2,019	55,955
2,020	62,857
2,021	37,935
2,022	11,612
2,023	5,512
2,024	1,329
Total	$ 196,550

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual)	Jun. 29, 2018USD ($)	Jun. 01, 2018USD ($)	Feb. 08, 2018USD ($)	Jan. 05, 2018USD ($)	Dec. 14, 2017USD ($)	Sep. 05, 2017	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)$ / shares	Dec. 31, 2018	May 31, 2018	Jun. 30, 2018USD ($)$ / shares
Line of Credit Facility, Remaining Borrowing Capacity								$ 61,929,000			$ 61,929,000
M/T Eco Marina Del Ray [Member]
Sale Leaseback Transaction, Lease Term	5 years
Sale Leaseback Transaction, Rent Expense, Per Day	$ 8.60
Sale Leaseback Transaction, Buy Back, Amount	$ 22,680
Scenario, Forecast [Member] | M/T Eco Marina Del Ray [Member]
Sale Leaseback Transaction, Gross Proceeds, Investing Activities							$ 32,400
Unsecured Notes [Member]
Proceeds from Short-term Debt, Total			$ 6,400,000	$ 5,369,000	$ 12,500,000
Debt Instrument, Additional Revolving Options				$ 4,631,000
Notes Payable, Total								5,836,000			5,836,000
Unsecured Notes [Member] | Second Crede Note, First Revolving Option [Member]
Debt Instrument, Additional Revolving Options					$ 5,000,000
Unsecured Notes [Member] | Interest on Debt for the First Ninety Days [Member]
Debt Instrument, Interest Rate, Stated Percentage					2.00%
Unsecured Notes [Member] | Interest on Debt for Ninety up to 180 Days [Member]
Debt Instrument, Interest Rate, Stated Percentage					10.00%
Unsecured Notes [Member] | Interest on Debt 180 Days and Thereafter [Member]
Debt Instrument, Interest Rate, Stated Percentage					15.00%
Unsecured Notes [Member] | Second Crede Note, Second Revolving Option [Member]
Debt Instrument, Additional Revolving Options					$ 5,000,000
The ABN Bank [Member]
Long-term Line of Credit, Total								$ 50,350,000			$ 50,350,000
The ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, LIBOR Rate								2.36%			2.36%
Norddeutsche Landesbank Girozentrale Bank [Member]
Long-term Line of Credit, Total								$ 19,093,000			$ 19,093,000
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, LIBOR Rate								2.32%			2.32%
Alpha Bank [Member]
Long-term Line of Credit, Total								$ 21,350,000			$ 21,350,000
Alpha Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, LIBOR Rate								2.33%			2.33%
AT Bank [Member] | Predelivery Facility to Fund Hull No 2648 [Member]
Long-term Line of Credit, Total								$ 0			$ 0
Line of Credit Facility, Commitment Fee Percentage		0.00%								4.25%
Proceeds from Lines of Credit, Total											$ 7,494,000
Debt Instrument, Applicable Three Month LIBOR, Rate								2.32%			2.32%
Line of Credit Facility, Maximum Borrowing Capacity								$ 8,993,000			$ 8,993,000
AT Bank [Member] | AT Bank Second Predelivery Facility [Member]
Long-term Line of Credit, Total								1,690,000			1,690,000
Line of Credit Facility, Commitment Fee Percentage		0.00%
Line of Credit Facility, Remaining Borrowing Capacity								8,450,000			$ 8,450,000
Proceeds from Lines of Credit, Total								$ 1,690,000
Debt Instrument, Applicable Three Month LIBOR, Rate								2.30%			2.30%
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,140,000
Debt Instrument, Number of Available Tranches		5
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds		5
Debt Covenant, Ratio of Total Net Debt to Fleet Value		75.00%
Minimum Free Liquidity, Per Collateralized Vessel		$ 750,000
Minimum Free Liquidity, Per Bareboated Chartered-in Vessel		$ 500,000
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Predelivery Facility to Fund Hull No 2648 [Member]
Debt Instrument, Basis Spread on Variable Rate		6.30%								8.50%
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | AT Bank Second Predelivery Facility [Member]
Debt Instrument, Basis Spread on Variable Rate		6.30%
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | AT Bank Second Predelivery Facility [Member] | Scenario, Forecast [Member]
Debt Instrument, Basis Spread on Variable Rate									6.00%
AT Bank [Member] | M/T Eco Palm Desert [Member]
Line of Credit Facility, Commitment Fee Percentage		1.30%				2.00%
Line of Credit Facility, Remaining Borrowing Capacity								$ 23,500,000			$ 23,500,000
Family Trading [Member] | Immediate Family Member of Management or Principal Owner [Member] | Revolving Credit Facility [Member]
Long-term Line of Credit, Total								5,280,000			5,280,000
Line of Credit Facility, Remaining Borrowing Capacity								6,572,000			6,572,000
Proceeds from Lines of Credit, Total											5,280,000
Debt Issuance Costs, Net, Total								170,000			170,000
Debt Instrument, Unamortized Discount, Total								$ 4,330,000			4,330,000
Amortization of Debt Discount (Premium)											140,000
Debt Related Commitment Fees and Debt Issuance Costs											142,000
Interest Expense, Related Party											$ 27,000
Debt Instrument, Convertible, Conversion Price | $ / shares								$ 0.60			$ 0.60
Debt Instrument, Convertible, Number of Equity Instruments											8,800,000

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	Jun. 30, 2018USD ($)
Contractual Obligation, Total	$ 189,337
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year	46,269
Contractual Obligation, Due in Second Year	143,068
Commitment Pursuant to Newbuilding Agreement for M/T Eco Palm Desert [Member]
Contractual Obligation, Total	17,985
Commitment Pursuant to Newbuilding Agreement for M/T Eco California [Member]
Contractual Obligation, Total	28,730
Commitment Pursuant to Newbuilding Agreement for M/T Eco Marina Del Rey [Member]
Contractual Obligation, Total	32,420
Commitment Pursuant to Newbuilding Agreement for M/T Eco Bel Air [Member]
Contractual Obligation, Total	55,101
Commitment Pursuant to Newbuilding Agreement for M/T Eco Beverley Hills [Member]
Contractual Obligation, Total	$ 55,101

Note 9 - Common Stock, Additi_2

Note 9 - Common Stock, Additional Paid-in Capital and Dividends (Details Textual) $ / shares in Units, $ in Thousands		May 25, 2018USD ($)	Mar. 26, 2018	Dec. 11, 2017USD ($)	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares		Jun. 30, 2017USD ($)shares	Jun. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2017$ / sharesshares
Proceeds from Issuance of Common Stock						$ 2,531
Class of Warrant or Right, Exercised During Period | shares						0
Class of Warrant or Right, Outstanding | shares					1,976,389	1,976,389			1,976,389	1,976,389
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares					8,794,933	8,794,933			8,794,933	2,134,501
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 0.56	$ 0.56			$ 0.56	$ 2.30
Dividends, Total						$ 0
Series C Convertible Preferred Stock [Member]
Convertible Preferred Stock, Conversion Price, Percentage of VWAP					75.00%	75.00%			75.00%
Series C Convertible Preferred Stock [Member] | Maximum [Member]
Convertible Preferred Stock, Conversion Price | $ / shares					$ 675,000	$ 675,000			$ 675,000
Series C Convertible Preferred Stock [Member] | Minimum [Member]
Convertible Preferred Stock, Conversion Price | $ / shares					$ 0.25	$ 0.25			$ 0.25
Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares	[1]							3,485
Crede [Member]
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value				$ 25,000
Common Stock Purchase Agreement, Period of Shares Authorized for Issuance				2 years
Proceeds from Issuance of Common Stock									$ 14,810
Crede [Member] | Common Stock [Member]
Stock Issued During Period, Value, Payment for Commitment Fee				$ 500
Stock Issued During Period, Shares, New Issues | shares						8,050,000	[1]		8,050,000
Maxim [Member]
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value		$ 14,250
Proceeds from Issuance of Common Stock					$ 2,531
Common Stock Equity Distribution Agreement, Period of Shares Authorized for Issuance		1 year
Maxim [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares					2,254,348	2,254,348	[1]
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio			10
[1]	Adjusted to reflect the reverse stock splits effected in March 2018 (see Note 9)

Note 10 - Loss Per Common Sha_3

Note 10 - Loss Per Common Share (Details Textual) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Note 10 - Loss Per Common Sha_4

Note 10 - Loss Per Common Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Net loss attributable to common shareholders	$ (6,624)	$ (5,847)
Earnings per share:
Weighted average common shares outstanding, basic and diluted (in shares)	15,620,543	561
Loss per share, basic and diluted (in dollars per share)	$ (0.42)	$ (10,422.45)

Note 11 - Financial Instrumen_3

Note 11 - Financial Instruments (Details Textual)	6 Months Ended
	Jun. 30, 2018shares	Dec. 31, 2017shares
Class of Warrant or Right, Outstanding	1,976,389	1,976,389
Increase (Decrease) in Volatility Rate Applied	5.00%
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value	2.90%
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	246

Note 11 - Financial Instrumen_4

Note 11 - Financial Instruments - Derivative Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
ABN Bank [Member] | Interest Rate Swap June 3, 2016 [Member]
Effective Date	Apr. 13, 2018
Derivative, Notional Amount	$ 16,575
Interest Rate Payable	1.4425%
ABN Bank [Member] | Interest Rate Swap December 19, 2016 [Member]
Effective Date	Dec. 21, 2016
Derivative, Notional Amount	$ 20,700
Interest Rate Payable	2.08%
ABN Bank [Member] | Interest Rate Swap December 19, 2016 Second [Member]
Effective Date	Dec. 21, 2016
Derivative, Notional Amount	$ 19,450
Interest Rate Payable	2.125%
Norddeutsche Landesbank Girozentrale Bank of Germany [Member] | Interest Rate Swap May 17, 2017 [Member]
Effective Date	May 17, 2017
Derivative, Notional Amount	$ 21,139
Interest Rate Payable	2.19%
Alpha Bank [Member] | Interest Rate Swap March 29, 2018 [Member]
Effective Date	Mar. 29, 2018
Derivative, Notional Amount	$ 21,900
Interest Rate Payable	2.97%

Note 11 - Financial Instrumen_5

Note 11 - Financial Instruments - Estimated Fair Value of Outstanding Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Warrants outstanding (in shares)	1,976,389	1,976,389
Warrant shares outstanding (in shares)	8,794,933	2,134,501
Term (Year)	5 years	5 years
Warrnts exercise price (in dollars per share)	$ 0.56	$ 2.30
Warrant fair value liability	$ 4,445	$ 3,332

Note 11 - Financial Instrumen_6

Note 11 - Financial Instruments - Valuation of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets measured at fair value on a recurring basis	$ 1,760	$ 394
Liabilities measured at fair value on a recurring basis	4,491	3,335
Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value on a recurring basis
Liabilities measured at fair value on a recurring basis
Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value on a recurring basis	1,760	394
Liabilities measured at fair value on a recurring basis	46	3
Fair Value, Inputs, Level 3 [Member]
Assets measured at fair value on a recurring basis
Liabilities measured at fair value on a recurring basis	$ 4,445	$ 3,332

Note 11 - Financial Instrumen_7

Note 11 - Financial Instruments - Changes in Fair Value of Level 3 Measurements (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Closing balance	$ 3,332
Change in fair value of warrants, included in the consolidated statements of comprehensive loss	1,113
Closing balance	$ 4,445

Note 11 - Financial Instrumen_8

Note 11 - Financial Instruments - Summary of Derivative Fair Values (Details) $ in Thousands	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Warrants, fair value	$ 4,445	$ 3,332
Measurement Input, Price Volatility [Member]
Warrants, volatility	246
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Warrants, fair value	$ 4,445	$ 3,332
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member]
Warrants, volatility	246	233

Note 11 - Financial Instrumen_9

Note 11 - Financial Instruments - Amount Recognized in Statement of Comprehensive (Loss) Income Derivative Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Interest rate swaps– realized loss	$ (81)	$ (234)
Total	130	1,057
Interest Rate Swap [Member]
Derivative instruments, changes in fair value	1,324	(388)
Financial Instrument Warrants [Member]
Derivative instruments, changes in fair value	$ (1,113)	$ 1,679

Note 12 - Investments in Unco_2

Note 12 - Investments in Unconsolidated Joint Ventures (Details Textual) $ in Thousands	May 23, 2018g	Mar. 15, 2018T	Mar. 12, 2018USD ($)	Jun. 30, 2018USD ($)
M/T Eco Holmby Hills [Member]
Size of Vessel | T		50,000
M/T Eco Palm Springs [Member]
Size of Vessel | g	50,000
City of Athens and Eco Nine [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 35,900
City of Athens and Eco Nine [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			2.90%
City of Athens and Eco Nine [Member] | M/T Eco Holmby Hills [Member]
Debt Instrument, Periodic Payment, Total			$ 299
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid			11,965
City of Athens and Eco Nine [Member] | M/T Eco Palm Springs [Member]
Debt Instrument, Periodic Payment, Total			299
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid			$ 11,968
Upcoming Newbuilding Installments [Member] | Eco Nine [Member]
Advances to Affiliate				$ 2,243
Predelivery Expense [Member] | Eco Nine [Member]
Advances to Affiliate				744
Predelivery Expense [Member] | City of Athens [Member]
Advances to Affiliate				$ 833

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual)	Sep. 27, 2018USD ($)	Sep. 11, 2018USD ($)	Jul. 11, 2018USD ($)	Oct. 22, 2018USD ($)	Jun. 30, 2018USD ($)
Subsequent Event [Member] | Suezmax Vessels [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 92,500,000
Sale Leaseback Transaction, Lease Term		7 years
Sale Leaseback Transaction, Buy Back Option		3 years
Alpha Bank [Member]
Long-term Line of Credit, Total					$ 21,350,000
Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,140,000
Debt Instrument, Number of Available Tranches			5
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds			5
Line of Credit Facility, Commitment Fee Percentage			1.00%
Proceeds from Lines of Credit, Total			$ 1,690,000
Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			4.25%
Family Trading [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Commitment Fee Percentage	2.00%
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Line of Credit Facility, Arrangement Fee Percentage	5.00%
Long-term Line of Credit, Total				$ 17,367,000