Top Ships (TOPS) 6-K 3 Sep 19 2019 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2019
Document Information [Line Items]
Entity Registrant Name	TOP SHIPS INC.
Entity Central Index Key	0001296484
Current Fiscal Year End Date	--12-31
Document Type	6-K
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 2,654	$ 57
Trade accounts receivable	1,064	815
Prepayments and other	1,715	808
Due from related party		75
Inventories	923	587
Prepaid bareboat charter hire		1,656
Restricted cash	907	1,290
Total current assets	7,263	5,288
FIXED ASSETS:
Advances for vessels under construction (Note 4)		38,744
Vessels, net (Note 4)	364,550	180,635
Right of use assets from operating leases*	18,717
Other fixed assets, net	667	669
Total fixed assets	383,934	220,048
OTHER NON CURRENT ASSETS:
Prepaid bareboat charter hire		3,621
Restricted cash	9,196	6,315
Investments in unconsolidated joint ventures (Note 13)	22,488	22,063
Derivative financial instruments (Note 11)	165	1,153
Total non-current assets	31,849	33,152
Total assets	423,046	258,488
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	27,169	10,210
Short-term debt (Note 7)		13,416
Due to related parties	689	4,223
Accounts payable	5,909	4,098
Accrued liabilities	4,129	2,957
Unearned revenue	4,175
Current portion of Operating lease liabilities	4,985
Current portion of derivative financial instruments (Note 11)	281	1,915
Total current liabilities	47,337	36,819
NON-CURRENT LIABILITIES:
Non-current portion of long term debt (Note 7)	239,073	101,358
Long term debt from related party (Note 7)		15,671
Non-current portion of Operating lease liabilities	9,283
Non-current portion of derivative financial instruments (Note 11)	1,257	359
Total non-current liabilities	249,613	117,388
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	296,950	154,207
MEZZANINE EQUITY:
Preferred stock; 0 and 28,158 Series E Shares issued and outstanding at December 31, 2018 and June 30, 2019 with $0.01 par value (refer to Mezzanine Equity - Note 12)	32,381
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, 2018 and 100,000 Series D shares and 28,158 Series E Shares were issued and outstanding at June 30, 2019 (refer to Mezzanine Equity - Note 12)	1	1
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 1,150,873 and 1,542,355 shares issued and outstanding at December 31, 2018 and June 30, 2019 (Note 9)	15	11
Additional paid-in capital	403,494	412,048
Accumulated deficit	(308,407)	(307,779)
Accumulated other comprehensive income	(1,388)
Total stockholders’ equity	93,715	104,281
Total liabilities, mezzanine equity and stockholders’ equity	$ 423,046	$ 258,488

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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 outstanding (in shares)	1,542,355	1,150,873
Common stock, shares issued (in shares)	1,542,355	1,150,873
Series D Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	100,000	100,000
Series E Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	28,158	0
Preferred stock, shares issued (in shares)	28,158	0

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
REVENUES:
Total Revenues	$ 29,786	$ 19,683
EXPENSES:
Voyage expenses	2,205	492
Operating lease expenses	3,944
Bareboat charter hire expenses		3,115
Amortization of prepaid bareboat charter hire		828
Other vessel operating expenses	10,749	7,135
Vessel depreciation	5,305	3,002
Management fees-related parties	1,125	4,254
Dry-docking costs	455
General and administrative expenses	663	4,358
Operating (loss)/income	5,340	(3,501)
OTHER INCOME (EXPENSES):
Interest and finance costs (including $361 and $948, respectively to related party)	(7,909)	(3,350)
Gain on financial instruments, net (Note 11)	1,487	130
Equity gains in unconsolidated joint ventures	425	4
Interest income	29	98
Total other loss, net	(5,968)	(3,118)
Net loss	(628)	(6,619)
Less: Deemed dividend for beneficial conversion feature of Series E Shares	(9,339)
Less: Dividend equivalents on Series E Shares related to redemption value	(4,223)
Less: Dividend of Series E Shares	(1,029)
Net loss attributable to common shareholders	(15,219)	(6,619)
Common stock holders	(15,219)	(6,624)
Non-controlling interests		$ 5
Loss per common share, basic and diluted (Note 10) (in dollars per share)	$ (11.59)	$ (8.48)
Weighted average common shares outstanding, basic and diluted (in shares)	1,313,102	781,027
Other comprehensive income
Effective portion of changes in fair value of interest swap contracts	$ (1,388)
Total other comprehensive loss	(1,388)
Total comprehensive loss	(16,607)	(6,619)
Time Charter Contracts [Member]
REVENUES:
Total Revenues	25,339	19,683
Time Charter - Related Parties [Member]
REVENUES:
Total Revenues	1,311
Voyage Charter [Member]
REVENUES:
Total Revenues	$ 3,136

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Interest and finance costs, related party	$ 948	$ 361

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Mezzanine Equity [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	Mezzanine Equity [Member]	Preferred Stock [Member]Maxim [Member]	Preferred Stock [Member]Warrants Issued With the 2018 Common Stock Offering [Member]	Preferred Stock [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	Preferred Stock [Member]	Common Stock [Member]Crede [Member]	Common Stock [Member]Maxim [Member]	Common Stock [Member]Warrants Issued With the 2018 Common Stock Offering [Member]	[1]	Common Stock [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	[1]	Common Stock [Member]		Additional Paid-in Capital [Member]Crede [Member]	Additional Paid-in Capital [Member]Maxim [Member]	Additional Paid-in Capital [Member]Warrants Issued With the 2018 Common Stock Offering [Member]	[1]	Additional Paid-in Capital [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	[1]	Additional Paid-in Capital [Member]		Retained Earnings [Member]Maxim [Member]	Retained Earnings [Member]Warrants Issued With the 2018 Common Stock Offering [Member]	Retained Earnings [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	Retained Earnings [Member]	AOCI Including Portion Attributable to Noncontrolling Interest [Member]Warrants Issued With the 2018 Common Stock Offering [Member]	AOCI Including Portion Attributable to Noncontrolling Interest [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	AOCI Including Portion Attributable to Noncontrolling Interest [Member]	Noncontrolling Interest [Member]Crede [Member]	Noncontrolling Interest [Member]Maxim [Member]	Noncontrolling Interest [Member]Warrants Issued With the 2018 Common Stock Offering [Member]	Noncontrolling Interest [Member]Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	Noncontrolling Interest [Member]	AOCI Attributable to Parent [Member]Maxim [Member]	AOCI Attributable to Parent [Member]	Crede [Member]	Maxim [Member]	Warrants Issued With the 2018 Common Stock Offering [Member]	Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]	Total
Balance (in shares) at Dec. 31, 2017						100,000,000							446,180,000
Balance at Dec. 31, 2017						$ 1							$ 4								$ 402,729					$ (296,645)								$ 1,185							$ 107,274
Net income (loss)																										(6,624)								5							(6,619)
Issuance of stock (in shares)							402,500	112,717
Issuance of stock							$ 4	$ 1							$ 14,786	$ 2,363																					$ 14,790	$ 2,364
Stock-based compensation																					(17)																				(17)
Family Trading facility beneficial conversion feature																					4,330																				4,330
Excess of consideration over acquired assets																					(22,260)																				(22,260)
Purchase of 10% of M/T Stenaweco Elegance																																		(1,190)							(1,190)
Cancellation of fractional shares due to reverse stock splits																					(1)																				(1)
Balance (in shares) at Jun. 30, 2018						100,000,000							961,397,000
Balance at Jun. 30, 2018						$ 1							$ 9								401,930					(303,269)															98,671
Net loss																										(6,624)								5							(6,619)
Other comprehensive loss
Balance (in shares) at Dec. 31, 2018						100,000							1,150,873	[1]
Balance at Dec. 31, 2018						$ 1							$ 11	[1]							412,048	[1]				(307,779)															104,281
Net income (loss)														[1]								[1]				(628)															(628)
Issuance of stock (in shares)		27,129												[1]
Issuance of stock		$ 27,129												[1]								[1]
Stock-based compensation																					(17)	[1]																			(17)
Balance (in shares) at Jun. 30, 2019		28,158				100,000							1,542,355	[1]
Net loss														[1]								[1]				(628)															(628)
Issuance of common stock due to exercise of Warrants (Note 9) (in shares)									97,350		294,132
Issuance of common stock due to exercise of Warrants (Note 9)									$ 1		$ 3						$ 1,292		$ 2,672																				$ 1,293	$ 2,675
Deemed dividend for Series E convertible perpetual preferred stock's feature as part of exchange (Note 7 & 12)														[1]							(9,570)	[1]																			(9,570)
Deemed dividend equivalents on Series E Shares related to redemption value (Note 12)		4,223												[1]							(4,223)	[1]																			(4,223)
Beneficial conversion feature of Series E convertible perpetual preferred stock (Note 12)		(9,339)												[1]							9,339	[1]																			9,339
Deemed dividend for Series E Shares (Note 12)		9,339												[1]								[1]
Repurchase of beneficial conversion feature with debt extinguishment (Note 7)														[1]							(8,518)	[1]																			(8,518)
Reversal of equity offering costs not payable														[1]							1,500	[1]																			1,500
Dividends in kind of Series E shares (in shares)		1,029												[1]
Dividends in kind of Series E shares		$ 1,029												[1]							1,029	[1]																			1,029
Dividends in kind of Series E shares		(1,029)												[1]							(1,029)	[1]																			(1,029)
Other comprehensive loss														[1]								[1]							(1,388)												(1,388)
Balance at Jun. 30, 2019		$ 32,381				$ 1							$ 15	[1]							$ 403,494	[1]				$ (308,407)			$ (1,388)												$ 93,715
[1]	Adjusted to reflect the reverse stock splits effected in August 2019 (see Note 9)

Unaudited Interim Condensed C_6

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net Cash provided by Operating Activities	$ 9,907	$ 597
Cash Flows from Investing Activities:
Advances for vessels under construction	(149,977)	(20,591)
Purchase of 10% of M/T Stenaweco Elegance		(1,190)
Net fixed assets acquisitions/sales	(26)
Investments in unconsolidated joint ventures		(3,820)
Net Cash used in Investing Activities	(150,003)	(25,601)
Cash Flows from Financing Activities:
Proceeds from debt (Note 7)	181,594	9,184
Proceeds from short-term debt (Note 7)	6,760	11,769
Proceeds from related party debt (Note 7)		5,280
Principal payments of debt (Note 7)	(5,359)	(5,010)
Payment of short-term debt	(20,280)
Prepayment of debt	(18,550)
Consideration paid in excess of purchase price over book value of vessels		(21,397)
Proceeds from warrant exercises	4,171
Proceeds from equity offerings		2,531
Equity offerings costs	(152)	(71)
Derivative financial instruments termination receipts	199
Payment of financing costs	(3,192)	(578)
Net Cash provided by Financing Activities	145,191	1,708
Net (decrease)/increase in cash and cash equivalents and restricted cash	5,095	(23,296)
Cash and cash equivalents and restricted cash at beginning of year	7,662	30,613
Cash and cash equivalents and restricted cash at end of the period	12,757	7,317
Cash and cash equivalents	2,654	584
Restricted cash, current	907	1,326
Restricted cash, non-current	9,196	5,407
SUPPLEMENTAL CASH FLOW INFORMATION
Capital expenditures included in Accounts payable/ Accrued liabilities/ Due to related parties	1,001	448
Consideration for purchase of net assets included in Due to related parties		863
Beneficial conversion feature of Series E perpetual convertible preferred stock (Note 12)	9,339
Interest paid net of capitalized interest	5,455	2,557
Finance fees included in Accounts payable/Accrued liabilities	889	55
Offering expenses included in liabilities	168	152
Dividends in kind of Series E shares	1,029
Deemed dividend equivalents on Series E Shares related to redemption value	4,223
Equity Offering of Common Stock to Settle Notes [Member]
SUPPLEMENTAL CASH FLOW INFORMATION
Settlement of related party debt, interest, finance fees with convertible stock issued (Note 7, 9 and 12)		14,810
Stock Issued in Exchange for Converting Debt, Interest & Finance Fees [Member]
SUPPLEMENTAL CASH FLOW INFORMATION
Settlement of related party debt, interest, finance fees with convertible stock issued (Note 7, 9 and 12)	$ 27,129

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2019
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, 2019, not 100% Companies Date of Incorporation Country of Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Wholly owned Shipowning Companies (“SPCs”) with vessels in operation during six June 30, 2019 Date of Country of Vessel Built Date 1 Monte Carlo 71 June 2014 Marshall Islands M/T Stenaweco Energy July 2014 2 Monte Carlo One Shipping Company Ltd June 2012 Marshall Islands M/T Stenaweco Evolution March 2015 3 Monte Carlo Seven Shipping Company Limited April 2013 Marshall Islands M/T Stenaweco Excellence May 2016 4 Monte Carlo Lax Shipping Company Limited May 2013 Marshall Islands M/T Nord Valiant August 2016 5 Monte Carlo 37 September 2013 Marshall Islands M/T Eco Fleet July 2015 6 Monte Carlo 39 December 2013 Marshall Islands M/T Eco Revolution January 2016 7 Eco Seven Inc. February 2017 Marshall Islands M/T Stenaweco Elegance February 2017 8 Astarte International Inc. April 2017 Marshall Islands M/T Eco Palm Desert September 2018 9 PCH77 September 2017 Marshall Islands M/T Eco California January 2019 10 PCH Dreaming Inc. January 2018 Marshall Islands M/T Eco Marina Del Ray March 2019 11 South California Inc. January 2018 Marshall Islands M/T Eco Bel Air April 2019 12 Malibu Warrior Inc. January 2018 Marshall Islands M/T Eco Beverly Hills May 2019 As of June 30, 2019, 50% SPC Date of Country of Vessel Built Date 1 City of Athens Pte. Ltd. November 2016 Singapore M/T Eco Holmby Hills March 2018 2 Eco Nine Pte. Ltd. March 2015 Singapore M/T Eco Palm Springs May 2018 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, 2018, March 28, 2019. 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, 2019 not December 31, 2019. On August 22, 2019 1 20 no

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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, 2018 20 March 28, 2019. no six June 30, 2019. Adoption of new accounting standards The Company adopted the accounting standards described below during the six June 30, 2019: Leases On January 1, 2019, 842. 842 842: Time charter out contracts The Company’s shipping revenues are principally generated from time charters . In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The charterer generally pays the charter hire in advance of the upcoming contract period. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 not The transition guidance associated with ASC 842 not the lease component would be classified as an operating lease. The adoption of ASC 842 not six June 30, 2019 2018. Bareboat chartered in vessels The Company adopted ASC 842 not not 842 not not 842. 842 not The bareboat chartered in vessels, namely M/T Stenaweco Energy and M/T Stenaweco Evolution, have been bareboat chartered back for seven $8,586 $8,625 three seven one $21,200. 842, June 30, 2019. no 842 840, 840” January 1, 2019: As of January 1, 2019: Under ASC 842 Under ASC 840 Increase/(decrease) Current assets: - Prepaid bareboat charter hire - 1,656 (1,656) Other noncurrent assets: - Prepaid bareboat charter hire - 3,621 (3,621) Fixed assets: Right of use assets from operating leases* 21,905 - 21,905 Other current liabilities: Current portion of Operating lease liabilities 4,771 - 4,771 Other noncurrent liabilities: Non-current portion of Operating lease liabilities 11,857 - 11,857 *The Company netted 5,277 December 31, 2018 842 January 1, 2019. Operating leases for vessels are included in fixed assets, other current liabilities, and other noncurrent liabilities in the condensed consolidated balance sheets. Operating lease right of use (“ROU”) assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The discount rate used to calculate the present value of lease payments was calculated by taking into account the original lease term and lease payments. Finally all of the Company’s Sale and Leasebacks accounted for as financings have been re-evaluated under ASC 842 Voyage charters The Company entered into a voyage charter in the period under review lasting up to May 2019 606. no 2018. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may 95% three The voyage contracts are considered service contracts which fall under the provisions of ASC 606 six June 30, 2019 2018 $667 $0 No six June 30, 2019 2018. Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are amortized on a straight-line basis as the related performance obligations are satisfied. Other Comprehensive Income: Derivatives and Hedging, Hedge Accounting: Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no no Accounting standards issued but not The FASB has issued accounting standards that have not may Fair Value Measurement Disclosures — In August 2018, No. 2018 13, No. 2018 13" No. 2018 13, 3 No. 2018 13 January 1, 2020, No. 2018 13 not Financial Instruments - Derivatives Held or Issued (subsequent to the adoption of ASU 2017 12, Targeted Improvements to Accounting for Hedging Activities August 2017, 2017 12, Targeted Improvements to Accounting for Hedging Activities 2017 12 2017 12 15 December 2018, 2017 12 15 December 2019, 15 December 2020. not Financial Instrument Credit Losses — In June 2016, No. 2016 13, No. 2019 05" No. 2016 13 No. 2016 13 January 1, 2020, No. 2016 13

Note 3 - Going Concern

Note 3 - Going Concern	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Going Concern [Text Block]	3. Going Concern: At June 30, 2019, $40,074 $2,654. The Company expects to finance its working capital deficit with operational cash flow, debt or equity issuances, or a combination thereof and other sources such as funds from the Company's controlling shareholder and CEO, Mr. Pistiolis, if required. If the Company is unable to arrange debt or equity financing, it is probable that the Company may no one not

Note 4 - Vessels, Net

Note 4 - Vessels, Net	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. Vessels, net: The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 196,784 (16,149 ) 180,635 — Transferred from advances for vessels acquisitions / under construction 38,744 - 38,744 — Advances paid 147,632 - 147,632 — Capitalized expenses 2,844 - 2,844 — Depreciation - (5,305 ) (5,305 ) Balance, June 30, 2019 386,004 (21,454 ) 364,550 The Company's vessels have been mortgaged as security under its loan facilities (see Note 7 On January 30, March 13, April 5 May 9, 2019, first two second two

Note 5 - Transactions With Rela

Note 5 - Transactions With Related Parties	6 Months Ended
	Jun. 30, 2019
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, 2018 2019 Six Month Period 2018 2019 Presented in: Executive officers and other personnel expenses 1,200 180 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares (17 ) (17 ) Management fees - related parties - Statement of comprehensive loss Total 1,183 163 On January 2, 2018, $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 period ended June 30, 2018 Six Months Ended June 30, Presented in: Management fees - Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,159 Management fees - related parties -Statement of comprehensive loss Supervision services fees 27 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 43 Vessel operating expenses -Statement of comprehensive loss 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 113 Management fees - related parties -Statement of comprehensive loss Financing fees 24 Short-term debt – Balance sheet Commission for sale and purchase of vessels 1,749 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 245 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 Management fees - related parties -Statement of comprehensive loss Total 4,625 For the period ended June 30, 2018, $386, not On January 1, 2019, (c) Central Shipping Inc (“CSI”) – Letter Agreement and Management Agreements: January 1, 2019, The fees charged by and expenses relating to CSI for the period ended June 30, 2019 Six Months Ended June 30, Presented in: Management fees 108 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,013 Management fees - related parties -Statement of comprehensive loss Supervision services fees 44 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 97 Vessel operating expenses -Statement of comprehensive loss 164 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 120 Management fees - related parties -Statement of comprehensive loss Financing fees - Short-term debt – Balance sheet Commission for sale and purchase of vessels - Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 370 Voyage expenses - Statement of comprehensive loss Performance incentive fee - Management fees - related parties -Statement of comprehensive loss Total 1,916 For the period ended June 30, 2019, $463, not (d) Contribution of Series E Shares to Family Trading Inc (“Family Trading”): March 29, 2019 27,129 7 12 (e) Charter Party with Central Tankers Chartering Inc (“Central Tankers Chartering”): September 1, 2017 September 2018. three $14,750 two $15,250 $15,750 1.25% April 2019 September 2020. 50%

Note 6 - Leases

Note 6 - Leases	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Operating Leases, Disclosure [Text Block]	6. Leases A. Lease arrangements, under which the Company acts as the lessee Future minimum operating lease payments: The Company's future minimum operating lease payments required to be made after June 30, 2019, Period ending June 30 Bareboat Charter Lease Payments 2019 (remainder) 3,115 2020 6,299 2021 6,282 2022 1,034 Total 16,730 Period ending June 30, 2019 Amount Total lease payments 16,730 less imputed interest (2,462 ) Total operating lease liabilities 14,268 The discount rate used to calculate the lease liability was 9.09% 12 32.1 12 $3,115 six June 30, 2019. B. Lease arrangements, under which the Company acts as the lessor Time Charter out contracts: As of June 30, 2019, four three two one one one Future minimum time-charter receipts, based on the vessels commitments to these non-cancellable time charter contracts, as of June 30, 2019, Year ending December 31, Time Charter receipts 2019 (remainder) 36,409 2020 69,770 2021 39,194 2022 13,242 2023 5,512 2024 1,178 Total 165,305 In arriving at the minimum future charter revenues, an estimated 20 no no

Note 7 - Debt

Note 7 - Debt	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Debt: Details of the Company’s credit facilities are discussed in Note 9 December 31, 2018 six June 30, 2019 Bank / Vessel(s) December 31, June 30, 2018 2019 Total long term debt: ABN (M/T Eco Fleet, M/T Eco Revolution and M/T Nord Valiant*) 52,288 31,950 NORD/LB (M/T Stenaweco Excellence) 18,071 17,048 Alpha Bank (M/T Stenaweco Elegance) 20,550 21,250 AT Bank (M/T Eco Palm Desert) 23,175 22,525 BoComm Facility (M/T Eco California and M/T Nord Valiant) - 45,223 CMBFL Facility (M/T Eco Bel Air and M/T Eco Beverly Hills) - 91,412 Cargill Facility (M/T Eco Marina Del Ray) - 31,860 AT Bank Bridge Note (Top Ships Inc) - 10,500 Total long term debt 114,084 271,768 Less: Deferred finance fees (2,516 ) (5,526 ) Total long term debt net of deferred finance fees 111,568 266,242 Presented: Current portion of long term debt 10,210 27,169 Long term debt 101,358 239,073 Long term debt from related party: Family Trading facility 24,744 - Less debt discounts (9,073 ) - Long term debt from related parties net of debt discounts 15,671 - Short Term Debt: Unsecured Notes - - AT Bank first predelivery facility (M/T Eco Palm Desert) - - AT Bank second predelivery facility (M/T Eco California) 10,140 - Alpha Bank predelivery facility 3,380 - Less: Deferred finance fees (104 ) - Short term debt net of deferred finance fees 13,416 - Total Debt net of deferred finance fees and debt discounts 140,655 266,242 * M/T Nord Valiant is part of the ABN Facility security parties only in 2018 As at June 30, 2019 three 2.50% 2.60%. As of June 30, 2019, June 30, 2019 $273,917 June 30, 2019, 2 A. LONG-TERM DEBT ABN Facility Tranche C of the ABN Facility was fully prepaid on January 17, 2019 $18,550 Alpha Bank Top-Up Facility On April 23, 2019, $1,500. 8 $187.5 July 2019. third The facility principal will be added to the principal balance of the Alpha Bank Facility for all covenant related calculations. The facility is secured as follows: • Intercreditor deed; • Third preferred ship mortgage over M/T Stenaweco Elegance; • Third priority general assignment of the earnings, insurances and any requisition compensation of M/T Stenaweco Elegance; • Third priority assignment of any time charterparty of M/T Stenaweco Elegance for a period of more than twelve 12 • Corporate guarantee of the Company; • Second priority pledge over the earnings account of the vessel; The Alpha Bank Top-Up Facility bears interest at LIBOR plus a margin of 4.25%. As at June 30, 2019, $1,500. AT Bank Bridge Note On January 28, 2019, $10,500 February 28, 2020. Furthermore the facility prohibits the Company to pay any principal, accrued fees, interest or commitment fees relating to the Family Trading Facility. Finally the facility also contains some restrictions in the use of proceeds of future issuances of capital and incurrence of unsecured debt. The facility is secured as follows: • Corporate guarantee of the Company; • Second priority perfected mortgage on M/T Eco Palm Desert Vessel; • Second rank priority assignment of insurance and earnings of the mortgaged vessel; • Second rank priority assignment of any time charters with duration of more than 12 • Second priority pledge of the shares of the shipowning subsidiary of the mortgaged vessel; • Second priority pledge over the earnings account of the vessel. The facility bears interest at LIBOR plus a margin of 6.00% 2.25% March 22, 2019 March 31, 2020 As at June 30, 2019, $10,500. B. SHORT-TERM DEBT AT Bank Second Predelivery Facility The AT Bank Second Predelivery Facility was repaid on January 29, 2019 Alpha Bank Predelivery Facility The Alpha Bank Predelivery Facility was repaid on March 13, 2019 C. LONG-TERM DEBT FROM RELATED PARTIES Further Amended Family Trading Credit Facility On March 29, 2019 $24,744 $2,385 27,129 12 470 20 40 3 470 50 40 2, no D. FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS Cargill Sale and Leaseback As at June 30, 2019, $31,860. BoComm Leasing Sale and Leaseback As at June 30, 2019, $45,223. CMBFL Sale and Leaseback On April 5 May 9, 2019 As at June 30, 2019, $91,412.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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. 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 September 18, 2018, November 23, 2016 April 3, 2018, 9, 10 20 20A 1934 10b 5 March 25, 2019. May 24, 2019. June 28, 2019. August 3, 2019, August 26, 2019. January 2, 2019, February 20, 2019, Other than the cases mentioned above, the Company is not 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, 2019
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, 2018 20 March 28, 2019. Issuance of warrants as part of the 2018 “2018 June 30, 2019, 2018 1,947,000, $1,459 97,350 2014 June 30, 2019, 1,156,000 2014 $2,881 294,132 June 30, 2019 333,500 2014 125,896 $6.60. May 6, 2019 2014 2014 June 11, 2019, 2014 July 31, 2019. July 2019 112,000 2014 $279 42,904 no 2014 not Dividends: No June 30, 2018 2019.

Note 10 - Loss Per Common Share

Note 10 - Loss Per Common Share	6 Months Ended
	Jun. 30, 2019
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 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 2014 • the potential dilution that could occur if Series E Shares were converted (see Note 12 The components of the calculation of basic and diluted earnings per share for the periods ended June 30, 2018 2019 Six months ended June 30, 2018 2019 Income: Loss attributable to common shareholders (6,624 ) (628 ) Less: Deemed dividend for beneficial conversion feature of Series E Shares - (9,339 ) Less: Dividend equivalents on Series E Shares related to redemption value - (4,223 ) Less: Dividend of Series E Shares - (1,029 ) Loss attributable to common shareholders (6,624 ) (15,219 ) Loss per share: Weighted average common shares outstanding, basic 781,027 1,313,102 Effect of dilutive securities: 2014 Warrants - - Series E Shares - - Weighted average common shares outstanding, diluted 781,027 1,313,102 Loss per share, basic and diluted (8.48 ) (11.59 ) The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive even though the exercise or conversion price could be less than the average market price of the common shares. Six months ended June 30, 2018 2019 2014 Warrants - 71,533 Series E Shares - 1,135,488 Potentially dilutive securities - 1,207,021

Note 11 - Financial Instruments

Note 11 - Financial Instruments	6 Months Ended
	Jun. 30, 2019
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, 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 % 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 On January 17, 2019, December 19, 2016 $213. 2014 The Company's warrants outstanding as of December 31, 2018 June 30, 2019, June 30, 2019 333,500 June 11, 2014, Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 424,923 5 $ 11.60 1,915 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 333,500 125,896 5 $ 6.60 281 * Applying the Variable Exercise Price 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 condensed consolidated balance sheets, analyzed by fair value measurement hierarchy level: Fair Value Measurement at Reporting Date As of December 31, 2018 Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Non-current asset 1,153 - 1,153 - Current liability 1,915 - - 1,915 Non-current liability 359 - 359 As of June 30, 2019 Non-current asset 165 - 165 - Current liability 281 - - 281 Non-current liability 1,257 - 1,257 - The following table sets forth a summary of changes in fair value of the Company’s level 3 six June 30, 2019: Closing balance – December 31, 2018 1,915 Change in fair value of warrants, included in the condensed consolidated statements of comprehensive loss 1,634 Closing balance – June 30, 2019 281 Derivative Financial Instruments not 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 historical observations of the Company’s share price. The historical volatility that has been applied in the warrant valuation as of June 30, 2019 60%. 5% 0.04% 3 Quantitative information about Level 3 Fair Value Measurements Derivative Fair Value at Fair Value at Balance Valuation Significant Value Value Warrants 1,915 281 Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 110 % 60 % The effect of derivative instruments on the condensed consolidated statements of operations for the periods ended June 30, 2018 2019 Derivative Financial Instruments not Amount of gain recognized in Six Months Ended Six Months Ended Interest rate swaps- change in fair value 1,324 - Interest rate swaps– realized loss (81 ) (147 ) Warrants- change in fair value (1,113 ) 1,634 Total 130 1,487 Derivative Financial Instruments designated as hedging instruments: The components of accumulated other comprehensive income included in the accompanying condensed consolidated balance sheets consist of unrealized losses on cash flow hedges and are analyzed as follows: Unrealized (Loss) on cash Balance, December 31, 2018 - Effective portion of changes in fair value of interest swap contracts (1,388 ) Balance, June 30, 2019 (1,388 )

Note 12 - Mezzanine Equity

Note 12 - Mezzanine Equity	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Mezzanine Equity [Text Block]	12. Mezzanine Equity On March 29, 2019, 27,129 $1,000 7 Each holder of Series E Shares, at any time, has the right, subject to certain conditions, to convert all or any portion of the Series E Shares then held by such holder into the Company’s common shares at the conversion rate then in effect. Each Series E Share is convertible into the number of the Company’s common shares equal to the quotient of $1 four $20.00, 80% twenty no $0.60. one thousand 1,000 one thousand $1,000 fifteen 15% March 29, 2020 twenty 20% March 29, 2020, The Series E Shares shall not June December first fifteen 15% 365 fifteen 15% not may may June 30, 2019, 1,029 June 30, 2019. June 30, 2019, $6.74 28,158 4,177,745 The Company has determined that the Series E shares was more akin to equity than debt and that the above identified conversion feature, subject to adjustments, was clearly and closely related to the host instrument, and accordingly bifurcation and classification of the conversion feature as a derivative liability was not 480 10 S99 Pursuant to the issuance of the convertible preferred stock, the Company recognized the beneficial conversion feature by allocating the intrinsic value of the conversion option, which is the number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share and the fair value of the Company's common stock per share on the commitment date, to additional paid-in capital, resulting in a discount of $9,339 six June 30, 2019

Note 13 - Investments in Uncons

Note 13 - Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	13. Investments in unconsolidated joint ventures A condensed summary of the financial information for equity accounted investments 50% 100% December 31, 2018 June 30, 2019 City of Athens Eco Nine City of Athens Eco Nine Current assets 898 684 1,691 1,494 Non-current assets 30,853 30,975 30,291 30,412 Current liabilities 1,530 1,762 2,262 2,629 Long-term liabilities 15,627 15,900 15,060 15,335 June 30, 2018 June 30, 2019 City of Athens Eco Nine City of Athens Eco Nine Net operating revenues 1,501 519 2,638 2,637 Net (loss)/gain 138 (129 ) 484 365

Note 14 - Subsequent Events

Note 14 - Subsequent Events	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Events On July 15 August 30, 2019 sale and leaseback agreements with Oriental Fleet International Company Limited, a non-affiliated party, for M/T Stenaweco Excellence and M/T Stenaweco Energy and M/T Stenaweco Evolution respectively. The sale of the M/T Stenaweco Excellence was concluded on the same date and the Company expects to conclude sale of the last two fourth 2019. ten three 3.90% third ten $0.001. $25,600. two The abovementioned sale and leaseback transactions contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements. The sale and leaseback agreements with Oriental Fleet International Company Limited will be accounted as a financing transactions, as control will remain with the Company and the vessels will continue to be recorded as assets on the Company’s balance sheet. In addition the Company has the obligation to repurchase the vessels. On July 25 August 9, 2019 3,043 1,739

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Lessee, Leases [Policy Text Block]	Leases On January 1, 2019, 842. 842 842: Time charter out contracts The Company’s shipping revenues are principally generated from time charters . In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The charterer generally pays the charter hire in advance of the upcoming contract period. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 not The transition guidance associated with ASC 842 not the lease component would be classified as an operating lease. The adoption of ASC 842 not six June 30, 2019 2018. Bareboat chartered in vessels The Company adopted ASC 842 not not 842 not not 842. 842 not The bareboat chartered in vessels, namely M/T Stenaweco Energy and M/T Stenaweco Evolution, have been bareboat chartered back for seven $8,586 $8,625 three seven one $21,200. 842, June 30, 2019. no 842 840, 840” January 1, 2019: As of January 1, 2019: Under ASC 842 Under ASC 840 Increase/(decrease) Current assets: - Prepaid bareboat charter hire - 1,656 (1,656) Other noncurrent assets: - Prepaid bareboat charter hire - 3,621 (3,621) Fixed assets: Right of use assets from operating leases* 21,905 - 21,905 Other current liabilities: Current portion of Operating lease liabilities 4,771 - 4,771 Other noncurrent liabilities: Non-current portion of Operating lease liabilities 11,857 - 11,857 *The Company netted 5,277 December 31, 2018 842 January 1, 2019. Operating leases for vessels are included in fixed assets, other current liabilities, and other noncurrent liabilities in the condensed consolidated balance sheets. Operating lease right of use (“ROU”) assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The discount rate used to calculate the present value of lease payments was calculated by taking into account the original lease term and lease payments. Finally all of the Company’s Sale and Leasebacks accounted for as financings have been re-evaluated under ASC 842
Revenue from Contract with Customer [Policy Text Block]	Voyage charters The Company entered into a voyage charter in the period under review lasting up to May 2019 606. no 2018. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may 95% three The voyage contracts are considered service contracts which fall under the provisions of ASC 606 six June 30, 2019 2018 $667 $0 No six June 30, 2019 2018. Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are amortized on a straight-line basis as the related performance obligations are satisfied.
Comprehensive Income, Policy [Policy Text Block]	Other Comprehensive Income:
Derivatives, Policy [Policy Text Block]	Derivatives and Hedging, Hedge Accounting: Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no no
New Accounting Pronouncements, Policy [Policy Text Block]	Accounting standards issued but not The FASB has issued accounting standards that have not may Fair Value Measurement Disclosures — In August 2018, No. 2018 13, No. 2018 13" No. 2018 13, 3 No. 2018 13 January 1, 2020, No. 2018 13 not Financial Instruments - Derivatives Held or Issued (subsequent to the adoption of ASU 2017 12, Targeted Improvements to Accounting for Hedging Activities August 2017, 2017 12, Targeted Improvements to Accounting for Hedging Activities 2017 12 2017 12 15 December 2018, 2017 12 15 December 2019, 15 December 2020. not Financial Instrument Credit Losses — In June 2016, No. 2016 13, No. 2019 05" No. 2016 13 No. 2016 13 January 1, 2020, No. 2016 13

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As of January 1, 2019: Under ASC 842 Under ASC 840 Increase/(decrease) Current assets: - Prepaid bareboat charter hire - 1,656 (1,656) Other noncurrent assets: - Prepaid bareboat charter hire - 3,621 (3,621) Fixed assets: Right of use assets from operating leases* 21,905 - 21,905 Other current liabilities: Current portion of Operating lease liabilities 4,771 - 4,771 Other noncurrent liabilities: Non-current portion of Operating lease liabilities 11,857 - 11,857

Note 4 - Vessels, Net (Tables)

Note 4 - Vessels, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Property, Plant and Equipment [Table Text Block]	Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 196,784 (16,149 ) 180,635 — Transferred from advances for vessels acquisitions / under construction 38,744 - 38,744 — Advances paid 147,632 - 147,632 — Capitalized expenses 2,844 - 2,844 — Depreciation - (5,305 ) (5,305 ) Balance, June 30, 2019 386,004 (21,454 ) 364,550

Note 5 - Transactions With Re_2

Note 5 - Transactions With Related Parties (Tables)	6 Months Ended
	Jun. 30, 2019
Central Mare [Member]
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Six Month Period 2018 2019 Presented in: Executive officers and other personnel expenses 1,200 180 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares (17 ) (17 ) Management fees - related parties - Statement of comprehensive loss Total 1,183 163 Six Months Ended June 30, Presented in: Management fees - Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,159 Management fees - related parties -Statement of comprehensive loss Supervision services fees 27 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 43 Vessel operating expenses -Statement of comprehensive loss 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 113 Management fees - related parties -Statement of comprehensive loss Financing fees 24 Short-term debt – Balance sheet Commission for sale and purchase of vessels 1,749 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 245 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 Management fees - related parties -Statement of comprehensive loss Total 4,625 Six Months Ended June 30, Presented in: Management fees 108 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,013 Management fees - related parties -Statement of comprehensive loss Supervision services fees 44 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 97 Vessel operating expenses -Statement of comprehensive loss 164 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 120 Management fees - related parties -Statement of comprehensive loss Financing fees - Short-term debt – Balance sheet Commission for sale and purchase of vessels - Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 370 Voyage expenses - Statement of comprehensive loss Performance incentive fee - Management fees - related parties -Statement of comprehensive loss Total 1,916

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Period ending June 30 Bareboat Charter Lease Payments 2019 (remainder) 3,115 2020 6,299 2021 6,282 2022 1,034 Total 16,730 Period ending June 30, 2019 Amount Total lease payments 16,730 less imputed interest (2,462 ) Total operating lease liabilities 14,268
Schedule of Future Minimum Time-Charter Receipts [Table Text Block]	Year ending December 31, Time Charter receipts 2019 (remainder) 36,409 2020 69,770 2021 39,194 2022 13,242 2023 5,512 2024 1,178 Total 165,305

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Debt [Table Text Block]	Bank / Vessel(s) December 31, June 30, 2018 2019 Total long term debt: ABN (M/T Eco Fleet, M/T Eco Revolution and M/T Nord Valiant*) 52,288 31,950 NORD/LB (M/T Stenaweco Excellence) 18,071 17,048 Alpha Bank (M/T Stenaweco Elegance) 20,550 21,250 AT Bank (M/T Eco Palm Desert) 23,175 22,525 BoComm Facility (M/T Eco California and M/T Nord Valiant) - 45,223 CMBFL Facility (M/T Eco Bel Air and M/T Eco Beverly Hills) - 91,412 Cargill Facility (M/T Eco Marina Del Ray) - 31,860 AT Bank Bridge Note (Top Ships Inc) - 10,500 Total long term debt 114,084 271,768 Less: Deferred finance fees (2,516 ) (5,526 ) Total long term debt net of deferred finance fees 111,568 266,242 Presented: Current portion of long term debt 10,210 27,169 Long term debt 101,358 239,073 Long term debt from related party: Family Trading facility 24,744 - Less debt discounts (9,073 ) - Long term debt from related parties net of debt discounts 15,671 - Short Term Debt: Unsecured Notes - - AT Bank first predelivery facility (M/T Eco Palm Desert) - - AT Bank second predelivery facility (M/T Eco California) 10,140 - Alpha Bank predelivery facility 3,380 - Less: Deferred finance fees (104 ) - Short term debt net of deferred finance fees 13,416 - Total Debt net of deferred finance fees and debt discounts 140,655 266,242

Note 10 - Loss Per Common Sha_2

Note 10 - Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Six months ended June 30, 2018 2019 Income: Loss attributable to common shareholders (6,624 ) (628 ) Less: Deemed dividend for beneficial conversion feature of Series E Shares - (9,339 ) Less: Dividend equivalents on Series E Shares related to redemption value - (4,223 ) Less: Dividend of Series E Shares - (1,029 ) Loss attributable to common shareholders (6,624 ) (15,219 ) Loss per share: Weighted average common shares outstanding, basic 781,027 1,313,102 Effect of dilutive securities: 2014 Warrants - - Series E Shares - - Weighted average common shares outstanding, diluted 781,027 1,313,102 Loss per share, basic and diluted (8.48 ) (11.59 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Six months ended June 30, 2018 2019 2014 Warrants - 71,533 Series E Shares - 1,135,488 Potentially dilutive securities - 1,207,021

Note 11 - Financial Instrumen_2

Note 11 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
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 % 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 1,976,389 424,923 5 $ 11.60 1,915 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 333,500 125,896 5 $ 6.60 281
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurement at Reporting Date As of December 31, 2018 Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Non-current asset 1,153 - 1,153 - Current liability 1,915 - - 1,915 Non-current liability 359 - 359 As of June 30, 2019 Non-current asset 165 - 165 - Current liability 281 - - 281 Non-current liability 1,257 - 1,257 -
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Closing balance – December 31, 2018 1,915 Change in fair value of warrants, included in the condensed consolidated statements of comprehensive loss 1,634 Closing balance – June 30, 2019 281
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 Valuation Significant Value Value Warrants 1,915 281 Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 110 % 60 %
Derivative Instruments, Gain (Loss) [Table Text Block]	Amount of gain recognized in Six Months Ended Six Months Ended Interest rate swaps- change in fair value 1,324 - Interest rate swaps– realized loss (81 ) (147 ) Warrants- change in fair value (1,113 ) 1,634 Total 130 1,487
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized (Loss) on cash Balance, December 31, 2018 - Effective portion of changes in fair value of interest swap contracts (1,388 ) Balance, June 30, 2019 (1,388 )

Note 13 - Investments in Unco_2

Note 13 - Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Condensed Financial Statements [Table Text Block]	December 31, 2018 June 30, 2019 City of Athens Eco Nine City of Athens Eco Nine Current assets 898 684 1,691 1,494 Non-current assets 30,853 30,975 30,291 30,412 Current liabilities 1,530 1,762 2,262 2,629 Long-term liabilities 15,627 15,900 15,060 15,335 June 30, 2018 June 30, 2019 City of Athens Eco Nine City of Athens Eco Nine Net operating revenues 1,501 519 2,638 2,637 Net (loss)/gain 138 (129 ) 484 365

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Details Textual)	Aug. 22, 2019	Jun. 30, 2019
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20
City of Athens [Member]
Equity Method Investment, Ownership Percentage		50.00%
Eco Nine [Member]
Equity Method Investment, Ownership Percentage		50.00%

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Prepaid Bareboat Charter Hire			$ 5,277,000
Voyage Contract, Standard Payment Term Percentage	95.00%
Demurrage Revenue	$ 667,000	$ 0
Despatch Expense	0	$ 0
M/T Stenaweco Energy [Member]
Charter Rate Per Day	8,586
Vessel Acquisition Purchase Price	21,200,000
M/T Stenaweco Evolution [Member]
Charter Rate Per Day	8,625
Vessel Acquisition Purchase Price	$ 21,200,000

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Impact of Adoption of ASC 842 (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Jan. 01, 2019		Dec. 31, 2018
Prepaid bareboat charter hire
Prepaid bareboat charter hire
Right of use assets from operating leases*		$ 18,717	21,905	[1]
Current portion of Operating lease liabilities		4,985	4,771
Non-current portion of Operating lease liabilities		$ 9,283	11,857
Previous Accounting Guidance [Member]
Prepaid bareboat charter hire			1,656
Prepaid bareboat charter hire			3,621
Right of use assets from operating leases*	[1]
Current portion of Operating lease liabilities
Non-current portion of Operating lease liabilities
Adjustments for New Accounting Pronouncement [Member]
Prepaid bareboat charter hire			(1,656)
Prepaid bareboat charter hire			(3,621)
Right of use assets from operating leases*	[1]		21,905
Current portion of Operating lease liabilities			4,771
Non-current portion of Operating lease liabilities			$ 11,857
[1]	The Company netted 5,277 which were previously recorded as Prepaid bareboat charter hire in the consolidated balance sheet as of December 31, 2018 against the Operating lease right-of-use asset upon adoption of ASC 842 on January 1, 2019. The Prepaid bareboat charter hire represented the unamortized balance of losses from the sale of the Bareboat chartered in vessels that were being amortized over the duration of the leases.

Note 3 - Going Concern (Details

Note 3 - Going Concern (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Working Capital Surplus (Deficit)	$ 40,074
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 2,654	$ 57	$ 584

Note 4 - Vessels, Net - Summary

Note 4 - Vessels, Net - Summary of Vessels (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Balance, Net Book Value	$ 220,048
Depreciation	(5,305)	$ (3,002)
Balance, Net Book Value	383,934
Vessels [Member]
Balance, cost	196,784
Balance, Accumulated Depreciation	(16,149)
Balance, Net Book Value	180,635
— Transferred from advances for vessels acquisitions / under construction	38,744
— Advances paid	147,632
— Capitalized expenses	2,844
Depreciation	(5,305)
Balance, cost	386,004
Balance, Accumulated Depreciation	(21,454)
Balance, Net Book Value	$ 364,550

Note 5 - Transactions With Re_3

Note 5 - Transactions With Related Parties (Details Textual) - USD ($)	Mar. 29, 2019	Jan. 02, 2018	Sep. 01, 2017	Jun. 30, 2019	Jun. 30, 2018
Chief Executive Officer [Member] | Incentive Compensation for Completion of Newbuilding Program [Member]
Related Party Transaction, Amounts of Transaction		$ 2,250,000
Central Shipping Monaco SAM [Member]
Related Party Transaction, Amounts of Transaction					$ 4,625,000
Central Shipping Monaco SAM [Member] | Newbuilding Supervision Fee [Member]
Related Party Transaction, Amounts of Transaction				$ 463,000	$ 386,000
Immediate Family Member of Management or Principal Owner [Member] | Family Trading [Member] | Revolving Credit Facility [Member]
Stock Issued During Period, Shares, New Issues	27,129
Central Ship Chartering [Member]
Charter Term			3 years
Charter Rate Per Day			$ 14,750
Charter Option Term			2 years
Related Party Chartering Commission Percentage			1.25%
Percentage of Profit Share Per Day Over Fixed Amount			50.00%
Central Ship Chartering [Member] | Optional Year 1 [Member]
Charter Rate Per Day			$ 15,250
Central Ship Chartering [Member] | Optional Year 2 [Member]
Charter Rate Per Day			$ 15,750

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, 2019	Jun. 30, 2018
Central Mare [Member]
Related Party Transaction, Amounts of Transaction	$ 163	$ 1,183
Central Mare [Member] | Executive Officers and Other Personnel Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction	180	1,200
Central Mare [Member] | Amortization of Awarded Shares [Member] | Management Fees Related Party [Member]
Related Party Transaction, Amounts of Transaction	(17)	(17)
Central Shipping Monaco SAM [Member]
Related Party Transaction, Amounts of Transaction		4,625
Central Shipping Monaco SAM [Member] | Management Fees [Member]
Related Party Transaction, Amounts of Transaction
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction		1,159
Central Shipping Monaco SAM [Member] | Supervision Fee [Member]
Related Party Transaction, Amounts of Transaction		27
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member]
Related Party Transaction, Amounts of Transaction		15
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member]
Related Party Transaction, Amounts of Transaction		43
Central Shipping Monaco SAM [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction		113
Central Shipping Monaco SAM [Member] | Financing Fees [Member]
Related Party Transaction, Amounts of Transaction		24
Central Shipping Monaco SAM [Member] | Commission for Sale and Purchase of Vessels [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction		1,749
Central Shipping Monaco SAM [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member]
Related Party Transaction, Amounts of Transaction		245
Central Shipping Monaco SAM [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction		$ 1,250
Central Shipping Inc [Member]
Related Party Transaction, Amounts of Transaction	1,916
Central Shipping Inc [Member] | Management Fees [Member]
Related Party Transaction, Amounts of Transaction	108
Central Shipping Inc [Member] | Management Fees [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction	1,013
Central Shipping Inc [Member] | Supervision Fee [Member]
Related Party Transaction, Amounts of Transaction	44
Central Shipping Inc [Member] | Superintendent Fees [Member]
Related Party Transaction, Amounts of Transaction	164
Central Shipping Inc [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member]
Related Party Transaction, Amounts of Transaction	97
Central Shipping Inc [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction	120
Central Shipping Inc [Member] | Financing Fees [Member] | Deferred Charges [Member]
Related Party Transaction, Amounts of Transaction
Central Shipping Inc [Member] | Commission for Sale and Purchase of Vessels [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction
Central Shipping Inc [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member]
Related Party Transaction, Amounts of Transaction	370
Central Shipping Inc [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member]
Related Party Transaction, Amounts of Transaction

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018
Operating Lease, Weighted Average Discount Rate, Percent	9.09%
Operating Lease, Weighted Average Remaining Lease Term	2 years 243 days
Operating Lease, Payments	$ 3,115
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] | MT Eco Revolution, MT Eco Bel Air, and MT Eco Beverly Hills [Member]
Number of Time Charters		3
Shell Tankers Singapore Primate Limited [Member] | MT Eco Palm Desert and MT Eco California [Member]
Number of Time Charters		2
Dampskibsselskabet Norden A/S [Member] | M/T Nord Valiant [Member]
Number of Time Charters		1
Clearlake Shipping Pte Ltd [Member] | MT Eco Fleet [Member]
Number of Time Charters		1
Cargill International SA [Member] | M/T Eco Marina Del Ray [Member]
Number of Time Charters		1

Note 6 - Leases - Future Minimu

Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2019USD ($)
2019 (remainder)	$ 3,115
2020	6,299
2021	6,282
2022	1,034
Total	16,730
Total lease payments	16,730
less imputed interest	(2,462)
Total operating lease liabilities	$ 14,268

Note 6 - Leases - Future Mini_2

Note 6 - Leases - Future Minimum Time-charter Receipts (Details) $ in Thousands	Jun. 30, 2019USD ($)
2019 (remainder)	$ 36,409
2020	69,770
2021	39,194
2022	13,242
2023	5,512
2024	1,178
Total	$ 165,305

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual)	Apr. 23, 2019USD ($)	Mar. 29, 2019USD ($)shares	Jan. 28, 2019USD ($)	Jun. 30, 2019USD ($)
M/T Eco Marina Del Ray [Member] | Cargill International SA [Member]
Long-term Line of Credit, Total				$ 31,860,000
MT Nord Valiant and MT Eco California [Member] | BoComm Leasing [Member]
Long-term Line of Credit, Total				45,223,000
M/T Eco Bel Air and M/T Eco Beverly Hills [Member] | CMBFL Leasing [Member]
Long-term Line of Credit, Total				91,412,000
ABN Bank [Member]
Repayments of Lines of Credit				$ 18,550
ABN Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				2.50%
ABN Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate				2.60%
Nord/ LB Bank [Member]
Long-term Line of Credit, Total				$ 273,917,000
Alpha Bank [Member] | M/T Stenaweco Elegance [Member]
Long-term Line of Credit, Total				1,500,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Number of Consecutive Quarterly Installments	8
Debt Instrument, Periodic Payment, Total	$ 187,500
Alpha Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | M/T Stenaweco Elegance [Member]
Debt Instrument, Basis Spread on Variable Rate	4.25%
AT Bank Bridge Facility [Member]
Long-term Line of Credit, Total				$ 10,500,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,500,000
Line of Credit Facility, Commitment Fee Percentage			2.25%
AT Bank Bridge Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			6.00%
Family Trading [Member] | Immediate Family Member of Management or Principal Owner [Member] | Revolving Credit Facility [Member]
Long-term Line of Credit, Total		$ 24,744,000
Accrued Liabilities, Total		$ 2,385,000
Stock Issued During Period, Shares, New Issues | shares		27,129

Note 7 - Debt - Long-term Debt

Note 7 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Senior secured debt		$ 271,768	$ 114,084
Less: Deferred finance fees		(5,526)	(2,516)
Total long term debt net of deferred finance fees		266,242	111,568
Current portion of long term debt		27,169	10,210
Long term debt		239,073	101,358
Total long term debt net of deferred finance fees		266,242	111,568
Less: Deferred finance fees			(104)
Short term debt net of deferred finance fees			13,416
Total Debt net of deferred finance fees and debt discounts		266,242	140,655
Unsecured Notes [Member]
Short-term debt
AT Bank First Predelivery Facility [Member]
Short-term debt
AT Bank Second Predelivery Facility [Member]
Short-term debt			10,140
Alpha Bank Predelivery Facility [Member]
Short-term debt			3,380
Family Trading [Member]
Total long term debt net of deferred finance fees			15,671
Family Trading facility			24,744
Less debt discounts			(9,073)
Total long term debt net of deferred finance fees			15,671
ABN Bank [Member]
Senior secured debt	[1]	31,950	52,288
Norddeutsche Landesbank Girozentrale Bank [Member]
Senior secured debt		17,048	18,071
Alpha Bank [Member]
Senior secured debt		21,250	20,550
AT Bank [Member]
Senior secured debt		22,525	23,175
BoComm [Member]
Senior secured debt		45,223
CMBFL Leasing [Member]
Senior secured debt		91,412
Cargill International SA [Member]
Senior secured debt		31,860
AT Bank Bridge Facility [Member]
Senior secured debt		$ 10,500
[1]	M/T Nord Valiant is part of the ABN Facility security parties only in 2018.

Note 9 - Common Stock, Additi_2

Note 9 - Common Stock, Additional Paid-in Capital and Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Aug. 02, 2019	Dec. 31, 2018
Proceeds from Warrant Exercises		$ 4,171
Class of Warrant or Right, Outstanding		333,500			1,976,389
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		125,896			424,923
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 6.60			$ 11.60
Dividends, Total		$ 0
Warrants Issued With the 2018 Common Stock Offering [Member]
Stock Issued During Period, Shares, Warrants Exercises		97,350
Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]
Stock Issued During Period, Shares, Warrants Exercises		294,132
Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, Warrants Exercises	42,904
Warrants Issued With the 2018 Common Stock Offering [Member]
Class of Warrant or Right, Exercised During Period		1,947,000
Proceeds from Warrant Exercises		$ 1,459
Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member]
Class of Warrant or Right, Exercised During Period		1,156,000
Proceeds from Warrant Exercises		$ 2,881
Class of Warrant or Right, Outstanding		333,500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		125,896
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 6.60
Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member] | Subsequent Event [Member]
Class of Warrant or Right, Exercised During Period	112,000
Proceeds from Warrant Exercises	$ 279
Class of Warrant or Right, Outstanding				0

Note 10 - Loss Per Common Sha_3

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, 2019	Jun. 30, 2018
Loss attributable to common shareholders	$ (628)	$ (6,624)
Less: Deemed dividend for beneficial conversion feature of Series E Shares	(9,339)
Less: Dividend equivalents on Series E Shares related to redemption value	(4,223)
Less: Dividend of Series E Shares	(1,029)
Loss attributable to common shareholders	$ (15,219)	$ (6,624)
Loss per share:
Weighted average common shares outstanding, basic (in shares)	1,313,102	781,027
Weighted average common shares outstanding, diluted (in shares)	1,313,102	781,027
Loss per share, basic and diluted (in dollars per share)	$ (11.59)	$ (8.48)
Warrant [Member]
Loss per share:
Dilutive securities (in shares)
Preferred Stock [Member] | Series E Preferred Stock [Member]
Loss per share:
Dilutive securities (in shares)

Note 10 - Loss Per Common Sha_4

Note 10 - Loss Per Common Share - Antidilutive Securities Excluded from the Diluted per Share Calculation (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Potentially dilutive securities (in shares)	1,207,021
Warrant [Member]
Potentially dilutive securities (in shares)	71,533
Series E Convertible Preferred Stock [Member]
Potentially dilutive securities (in shares)	1,135,488

Note 11 - Financial Instrumen_3

Note 11 - Financial Instruments (Details Textual) $ in Thousands	Jan. 17, 2019USD ($)	Jun. 30, 2019shares	Dec. 31, 2018shares
Class of Warrant or Right, Outstanding | shares		333,500	1,976,389
Increase (Decrease) in Volatility Rate Applied		5.00%
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value		0.04%
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input		0.6
Interest Rate Swap [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain | $	$ 213

Note 11 - Financial Instrumen_4

Note 11 - Financial Instruments - Derivative Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
ABN Bank [Member] | Interest Rate Swap June 3, 2016 [Member]
Effective Date	Apr. 13, 2018
Derivative, Notional Amount	$ 16,575
Derivative, Interest Rate	1.4425%
ABN Bank [Member] | Interest Rate Swap December 19, 2016 [Member]
Effective Date	Dec. 21, 2016
Derivative, Notional Amount	$ 20,700
Derivative, Interest Rate	2.08%
Nord/ LB Bank [Member] | Interest Rate Swap March 29, 2017 [Member]
Effective Date	May 17, 2017
Derivative, Notional Amount	$ 21,139
Derivative, Interest Rate	2.19%
Alpha Bank [Member] | Interest Rate Swap March 29, 2018 [Member]
Effective Date	Mar. 29, 2018
Derivative, Notional Amount	$ 21,900
Derivative, Interest Rate	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, 2019	Dec. 31, 2018
Warrants outstanding (in shares)	333,500	1,976,389
Warrant shares outstanding (in shares)	125,896	424,923
Term (Year)	5 years	5 years
Warrant exercise price (in dollars per share)	$ 6.60	$ 11.60
Warrant fair value liability	$ 281	$ 1,915

Note 11 - Financial Instrumen_6

Note 11 - Financial Instruments - Valuation of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets measured at fair value on a recurring basis	$ 165	$ 1,153
Current liability	281	1,915
Non-current liability	1,257	359
Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value on a recurring basis
Current liability
Non-current liability
Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value on a recurring basis	165	1,153
Current liability
Non-current liability	1,257	359
Fair Value, Inputs, Level 3 [Member]
Assets measured at fair value on a recurring basis
Current liability	281	1,915
Non-current liability

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, 2019USD ($)
Closing balance	$ 1,915
Change in fair value of warrants, included in the condensed consolidated statements of comprehensive loss	1,634
Closing balance – June 30, 2019	$ 281

Note 11 - Financial Instrumen_8

Note 11 - Financial Instruments - Summary of Derivative Fair Values (Details) $ in Thousands	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Warrants, fair value	$ 281	$ 1,915
Measurement Input, Price Volatility [Member]
Warrants, volatility	0.6
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Warrants, fair value	$ 281	$ 1,915
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member]
Warrants, volatility	0.6	1.1

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, 2019	Jun. 30, 2018
Total	$ 1,487	$ 130
Interest Rate Swap [Member]
Derivative instruments, changes in fair value		1,324
Interest rate swaps– realized loss	(147)	(81)
Financial Instrument Warrants [Member]
Derivative instruments, changes in fair value	$ 1,634	$ (1,113)

Note 11 - Financial Instrume_10

Note 11 - Financial Instruments - Components of AOCI of Unrealized Losses on Cash Flow Hedges (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Balance
Effective portion of changes in fair value of interest swap contracts	(1,388)
Balance	$ (1,388)

Note 12 - Mezzanine Equity (Det

Note 12 - Mezzanine Equity (Details Textual) - $ / shares	Mar. 30, 2020	Jun. 30, 2019	Mar. 29, 2019	Dec. 31, 2018
Series E Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance		28,158		0
Family Trading Inc [Member] | Conversion of Series E Preferred Stock To Common Stock [Member]
Convertible Preferred Stock, Shares Issued upon Conversion		4,177,745
Family Trading Inc [Member] | Series E Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues			27,129
Shares Issued, Price Per Share			$ 1,000
Convertible Preferred Stock, Numerator Price			1
Convertible Preferred Stock, Conversion Price		$ 6.74	$ 20
Convertible Preferred Stock, Conversion Price, Percentage of VWAP			80.00%
Preferred Stock, Number of Common Shares Voting Rights			1,000
Preferred Stock, Liquidation Preference Per Share			$ 1,000
Preferred Stock Redemption Premium, Percent of Liquidation Amount Redeemed			15.00%
Preferred Stock, Dividend Rate, Percentage			15.00%
Preferred Stock, Accrued Dividend, Interest Rate			15.00%
Preferred Stock Dividends, Shares		1,029
Preferred Stock, Shares Outstanding, Ending Balance		28,158
Family Trading Inc [Member] | Series E Preferred Stock [Member] | Minimum [Member]
Convertible Preferred Stock, Conversion Price			$ 0.60
Yorkville [Member] | Series B Preferred Stock [Member] | Forecast [Member]
Preferred Stock Redemption Premium, Percent of Liquidation Amount Redeemed	20.00%

Note 13 - Investments in Unco_3

Note 13 - Investments in Unconsolidated Joint Ventures (Details Textual)	Jun. 30, 2019
City of Athens and Eco Nine [Member]
Equity Method Investment, Ownership Percentage	50.00%

Note 13 - Investments in Unco_4

Note 13 - Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Current assets	$ 7,263		$ 5,288
Current liabilities	47,337		36,819
Long-term liabilities	249,613		117,388
City of Athens [Member]
Current assets	1,691		898
Non-current assets	30,291		30,853
Current liabilities	2,262		1,530
Long-term liabilities	15,060		15,627
Net operating revenues	2,638	$ 1,501
Net (loss)/gain	484	138
Eco Nine [Member]
Current assets	1,494		684
Non-current assets	30,412		30,975
Current liabilities	2,629		1,762
Long-term liabilities	15,335		$ 15,900
Net operating revenues	2,637	519
Net (loss)/gain	$ 365	$ (129)

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)	Aug. 09, 2019	Jul. 25, 2019	Jul. 17, 2019
Series E Preferred Stock [Member]
Stock Redeemed or Called During Period, Shares	1,739	3,043
MT Stenaweco Excellence Sale Leaseback [Member]
Sale Leaseback Transaction, Lease Term			10 years
Sale Leaseback Transaction, Buyback Period, Minimum Term			10 years
Sale Leaseback Transaction, Buy Back, Amount			$ 1
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 25,600,000
MT Stenaweco Excellence Sale Leaseback [Member] | London Interbank Offered Rate (LIBOR) [Member]
Sale Leaseback Transaction, Interest Rate			3.90%