Top Ships (TOPS) 6-K 27 Sep 22 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Entity Registrant Name	TOP SHIPS INC.
Entity Central Index Key	0001296484

UNAUDITED INTERIM CONDENSED CON

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 14,267	$ 2,370
Trade accounts receivable	293	76
Prepayments and other	1,061	581
Inventories	936	671
Vessels held for sale	0	71,636
Total current assets	16,557	75,334
FIXED ASSETS:
Advances for vessels under construction (Note 4(b))	0	30,579
Vessels, net (Note 4(a),5)	396,234	156,585
Right of use assets from operating leases	33,058	37,279
Other fixed assets, net	530	534
Total fixed assets	429,822	224,977
OTHER NON CURRENT ASSETS:
Restricted cash	4,000	4,000
Investments in unconsolidated joint ventures	23,027	24,477
Deposit asset	2,000	2,000
Total non-current assets	29,027	30,477
Total assets	475,406	330,788
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	14,949	7,205
Debt related to vessels held for sale	0	53,202
Due to related parties (Note 5)	1,787	29,755
Accounts payable	2,338	2,308
Accrued liabilities	1,736	1,145
Unearned revenue	4,923	3,658
Current portion of Operating lease liabilities (Note 6)	9,213	9,815
Total current liabilities	34,946	107,088
NON-CURRENT LIABILITIES:
Non-current portion of long term debt (Note 7)	229,509	90,163
Non-current portion of Operating lease liabilities (Note 6)	19,642	23,948
Other non-current liabilities	175	225
Total non-current liabilities	249,326	114,336
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	284,272	221,424
MEZZANINE EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; 13,452 Series E Shares issued and outstanding at December 31, 2021 and 13,452 Series E Shares and 7,200,000 Series F Shares issued and outstanding at June 30, 2022 (Note 12)	72	0
Preferred stock, Paid-in capital in excess of par	102,470	16,142
Total mezzanine equity	102,542	16,142
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, 2021 and June 30, 2022	1	1
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 1,991,598 shares issued and outstanding at December 31, 2021 and 2,356,041 shares issued and outstanding at June 30, 2022	23	19
Additional paid-in capital	416,717	429,956
Accumulated deficit	(328,149)	(336,754)
Total stockholders' equity	88,592	93,222
Total liabilities, mezzanine equity and stockholders' equity	$ 475,406	$ 330,788

UNAUDITED INTERIM CONDENSED C_2

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
MEZZANINE EQUITY:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (in shares)	7,213,452	13,452
STOCKHOLDERS EQUITY
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)	2,356,041	1,991,598
Common stock, shares outstanding (in shares)	2,356,041	1,991,598
Series E Preferred Stock [Member]
MEZZANINE EQUITY:
Preferred stock, shares issued (in shares)	13,452	13,452
Preferred stock, shares outstanding (in shares)	13,452	13,452
Series F Preferred Stock [Member]
MEZZANINE EQUITY:
Preferred stock, shares issued (in shares)	7,200,000
Preferred stock, shares outstanding (in shares)	7,200,000
Series D Preferred Stock [Member]
STOCKHOLDERS EQUITY
Preferred stock, shares outstanding (in shares)	100,000	100,000

UNAUDITED INTERIM CONDENSED C_3

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Time charter revenues	$ 36,060	$ 25,310
Time charter revenues from related parties (Note 5)	2,786	0
Total revenues	38,846	25,310
EXPENSES:
Voyage expenses	875	608
Operating lease expenses	5,378	5,378
Other vessel operating expenses	9,705	7,919
Vessel depreciation	6,114	3,339
Management fees-related parties (Note 5)	1,030	1,661
Dry-docking costs	0	26
Gain on sale of vessels	(78)	0
Impairment on vessels	0	1,160
General and administrative expenses	691	963
Operating income	15,131	4,256
OTHER INCOME (EXPENSES):
Interest and finance costs	(6,927)	(2,837)
Gain on derivative financial instruments	0	66
Equity gains in unconsolidated joint ventures	401	197
Total other expenses, net	(6,526)	(2,574)
Net income	8,605	1,682
Comprehensive income	8,605	1,682
Less: Deemed dividend equivalents on Series F Shares related to redemption value (Note 12)	(14,400)	0
Less: Dividends of preferred shares (Note 5, 9 and 12)	(7,322)	(915)
Net income/(loss) attributable to common shareholders	(13,117)	767
Comprehensive income/(loss) attributable to common shareholders	$ (13,117)	$ 767
Earnings/(Loss) per common share, basic (in dollars per share)	$ (6.15)	$ 0.39
Earnings/(Loss) per common share, diluted (in dollars per share)	$ (6.15)	$ 0.39
Weighted average common shares outstanding, basic (in shares)	2,132,179	1,991,598
Weighted average common shares outstanding, diluted (in shares)	2,132,179	1,991,598

UNAUDITED INTERIM CONDENSED C_4

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Par Value [Member]	Paid-in Capital [Member]	Preferred Stock [Member]	Common Stock [Member]	[1]	Additional Paid-in Capital [Member]	[1]	Accumulated Deficit [Member]	Total
Beginning balance at Dec. 31, 2020	$ 0	$ 13,517
Beginning balance (in shares) at Dec. 31, 2020									11,264
Ending balance at Jun. 30, 2021	0	13,517
Ending balance (in shares) at Jun. 30, 2021									11,264
Balance at Dec. 31, 2020			$ 1	$ 19		$ 466,051		$ (345,370)	$ 120,701
Balance (in shares) at Dec. 31, 2020			100,000	1,991,598
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			$ 0	$ 0		0		1,682	1,682
Stock-based compensation			0	0		(17)		0	(17)
Dividends of Preferred Shares (Note 5, 9 and 12)			0	0		(915)		0	(915)
Excess of consideration over carrying value of exchanged assets (Note 1)						(9,793)		0	(9,793)
Balance at Jun. 30, 2021			$ 1	$ 19		455,326		(343,688)	111,658
Balance (in shares) at Jun. 30, 2021			100,000	1,991,598
Beginning balance at Dec. 31, 2021	0	16,142							$ 16,142
Beginning balance (in shares) at Dec. 31, 2021									13,452
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series F Shares (Note 5, 9 and 12)	72	71,928
Issuance of Series F Shares (Note 5, 9 and 12) (in shares)									7,200,000
Deemed dividend equivalents on Series F Shares related to redemption value (Note 9 and 12)	0	14,400
Ending balance at Jun. 30, 2022	$ 72	$ 102,470							$ 102,542
Ending balance (in shares) at Jun. 30, 2022									7,213,452
Balance at Dec. 31, 2021			$ 1	$ 19		429,956		(336,754)	$ 93,222
Balance (in shares) at Dec. 31, 2021			100,000	1,991,598
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			$ 0	$ 0		0		8,605	8,605
Stock-based compensation			0	0		(16)		0	(16)
Issuance of common stock and Pre-Funded Warrants pursuant to equity offerings (Note 9 and 12)			$ 0	$ 4		8,499		0	8,503
Issuance of common stock and Pre-Funded Warrants pursuant to equity offerings (Note 9 and 12) (in shares)			0	364,443
Issuance of Series F Shares (Note 5, 9 and 12)			$ 0	$ 0		0		0	0
Issuance of Series F Shares (Note 5, 9 and 12) (in shares)			0	0
Deemed dividend equivalents on Series F Shares related to redemption value			$ 0	$ 0		(14,400)		0	(14,400)
Dividends of Preferred Shares (Note 5, 9 and 12)				0		(7,322)		0	(7,322)
Balance at Jun. 30, 2022			$ 1	$ 23		$ 416,717		$ (328,149)	$ 88,592
Balance (in shares) at Jun. 30, 2022			100,000	2,356,041
[1]Adjusted to reflect the reverse stock split effected in September 2022 (see Note 1)

UNAUDITED INTERIM CONDENSED C_5

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Net Cash provided by Operating Activities
Net Cash provided by Operating Activities	$ 13,947	$ 9,347
Cash Flows from Investing Activities:
Advances for vessels under construction	(216,559)	(98,257)
Net proceeds from exchange/ sale of vessels	72,060	10,000
Investments in affiliates	0	(4,599)
Returns of investments in unconsolidated joint ventures	1,449	2,026
Net Cash used in Investing Activities	(143,050)	(90,830)
Cash Flows from Financing Activities:
Proceeds from debt (Note 7)	156,201	74,800
Principal payments of debt	(6,906)	(3,418)
Prepayment of debt	(54,179)	0
Proceeds from issuance of series F preferred stock	47,630	0
Proceeds from related party debt (Note 7)	9,000	0
Prepayment of related party debt (Note 7)	(9,000)	0
Proceeds from equity offerings, gross (Note 9)	9,217	0
Equity offerings costs	(574)	0
Dividends of Preferred shares (Note 5 and 12)	(6,921)	0
Payment of financing costs	(3,468)	(834)
Net Cash provided by Financing Activities	141,000	70,548
Net (decrease)/increase in cash and cash equivalents and restricted cash	11,897	(10,935)
Cash and cash equivalents and restricted cash at beginning of year	6,370	23,328
Cash and cash equivalents and restricted cash at end of the period	18,267	12,393
Cash breakdown
Cash and cash equivalents	14,267	8,393
Restricted cash, non-current	4,000	4,000
SUPPLEMENTAL CASH FLOW INFORMATION
Capital expenditures included in Accounts payable/ Accrued liabilities/ Due to related parties	155	333
Capitalized fees relating to Investments in unconsolidated Joint Ventures included in Due to Related Parties	0	702
Interest paid net of capitalized interest	4,414	3,588
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties	100	184
Dividends of Preferred shares included in Due to Related Parties (Note 5 and 12)	1,369	1,779
Offering expenses included in liabilities	141	0
Deemed dividend equivalents on Series F Shares related to redemption value	14,400	0
Carrying value of net assets of companies acquired	0	3,131
Settlement of related party payables	0	1,150
Settlement of Due to related parties with the issuance of Series F Shares	24,370	0
Related party S&P commissions relating to Proceeds from vessel sales included in Due to related parties	$ 346	$ 0

Basis of Presentation and Gener

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and General Information [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information: The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007, respectively. The Company is an international provider of worldwide oil, petroleum products and bulk liquid chemicals transportation services. As of June 30, 2022, the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these unaudited interim condensed consolidated financial statements as well as intermediary companies that are 100% subsidiaries of the Company that own shipowning companies. Companies Date of Incorporation Country of Incorporation Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Wholly owned Shipowning Companies (“SPC”) with vessels in operation during period ended June 30, 2022 Date of Country of Vessel Delivery Date 1 PCH Dreaming Inc. January 2018 Marshall Islands M/T Eco Marina Del Ray March 2019 2 South California Inc. January 2018 Marshall Islands M/T Eco Bel Air April 2019 3 Malibu Warrior Inc. January 2018 Marshall Islands M/T Eco Beverly Hills May 2019 4 Roman Empire Inc. February 2020 Marshall Islands Eco West Coast March 2021 5 Athenean Empire Inc. February 2020 Marshall Islands Eco Malibu May 2021 6 Eco Oceano Ca Inc. December 2020 Marshall Islands Eco Oceano Ca March 2022 7 Julius Caesar Inc. May 2020 Marshall Islands Julius Caesar (Hull No. 3213) January 2022 8 Legio X Inc. December 2020 Marshall Islands Legio X Equestris (Hull No. 3214) March 2022 As of June 30, 2022, the Company was the owner of 50% of outstanding shares of the following companies. SPC Date of Incorporation Country of Incorporation Vessel Built Date 1 California 19 Inc. May 2019 Marshall Islands M/T Eco Yosemite Park March 2020 2 California 20 Inc. May 2019 Marshall Islands M/T Eco Joshua Park March 2020 The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2022. These unaudited interim 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 months ended June 30, 2022 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2022. Following Russia’s invasion of Ukraine in February 2022, the U.S., several European Union nations, the UK and other countries have announced sanctions against Russia. The sanctions announced by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. The U.S., EU nations and other countries could impose wider sanctions and take other actions as a result of the war. With uncertainty remaining at high levels with regards to the global impact of the sanctions already announced to date and the possibility of additional sanctions as well as retaliation measures from Russia’s side that may follow in the period to come, it is difficult to accurately assess the exact impact on the Company. To date, no apparent consequences have been identified on the Company’s business, nor any specific implications on any of its existing counterparties, including clients, suppliers and lenders. Notwithstanding the foregoing, it is possible that these tensions might eventually have an adverse effect the Company’s business, financial condition, results of operations and cash flows. On September 23, 2022 the Company effected a 1-for-20 reverse stock split of its common stock. There was no change in the number of authorized common shares of the Company, or the floor price of the Company’s Series E Shares, or the number of votes of the Company’s Series D, E and F Shares. All numbers of common share and earnings per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion prices of the Company’s Series E Shares, in these unaudited interim condensed consolidated financial statements have been retroactively adjusted to reflect this 1-for-20 reverse stock split.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies [Abstract]
Significant Accounting Policies	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, 2021 which have been filed with the US Securities and Exchange Commission on Form 20-F on April 15, 2022. There have been no changes to these policies in the six months ended June 30, 2022. Recent Accounting Pronouncements: On January 1, 2022 the Company adopted ASU 2020-06 and used the modified retrospective approach for all convertible debt instruments at the beginning of the period of adoption. The adoption of ASU 2020-06 at January 1, 2022 had no effect in the Company’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 2022.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2022
Going Concern [Abstract]
Going Concern	3. Going Concern: At June 30, 2022, the Company had a working capital deficit of $18,389 and cash and cash equivalents, including restricted cash, of $18,267 and for the six months ended June 30, 2022 realized a net income of $8,605 and generated cash flow from operations of $13,947. In the Company’s opinion, the Company will be able to finance its working capital deficit in the next 12 months with cash on hand and operational cash flow and hence the Company believes it has the ability to continue as a going concern and finance its obligations as they come due via cash from operations over the next twelve months following the date of the issuance of these financial statements. Consequently, the unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

Vessels, net and Advances for V

Vessels, net and Advances for Vessels Acquisitions	6 Months Ended
	Jun. 30, 2022
Vessels, net and Advances for Vessels Acquisitions [Abstract]
Vessels, net and Advances for Vessels Acquisitions / Under Construction	4(a). 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, 2021 163,501 (6,916 ) 156,585 — Transferred from advances for vessels under construction 245,763 - 245,763 — Depreciation - (6,114 ) (6,114 ) Balance, June 30, 2022 409,264 (13,030 ) 396,234 M/T’s Eco Los Angeles and Eco City of Angels classified as held for sale as of December 31, 2021 were sold on February 28 and March 15, 2022 to unaffiliated third parties and the Company realized a gain of $78 which is included the accompanying unaudited interim condensed consolidated statements of comprehensive income/(loss). The Company’s vessel’s titles have been transferred to their respective financing banks under each respective vessel’s sale and leaseback agreement as a security, in the case of vessels sold and leased back and in the case of vessels financed via bank loans the respective vessels have been mortgaged as security under each loan facility. 4(b). Advances for vessels acquisitions / under construction: An analysis of Advances for vessels acquisitions / under construction is as follows: Advances for vessels acquisitions/ under construction Balance, December 31, 2021 30,579 — Advances paid 213,429 — Capitalized expenses 1,755 — Transferred to Vessels, net (245,763 ) Balance, June 30, 2022 - On January 17, March 2 and March 4, 2022 the Company took delivery of M/T Julius Caesar (Hull No. 3213), M/T Legio X Equestris (Hull No. 3214) and M/T Eco Oceano Ca (Hull No. 871) respectively and related Advances for vessels acquisitions / under construction were transferred to Vessels, net.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2022
Transactions with Related Parties [Abstract]
Transactions with Related Parties	5. Transactions with Related Parties: (a) Central Mare– Executive Officers and Other Personnel Agreements: The fees charged by Central Mare for the six months ended June 30, 2021 and 2022 are as follows: Six Months Ended June 30, 2021 2022 Presented in: Executive officers and other personnel expenses 180 180 General and administrative expenses - Statements of comprehensive income / (loss) Amortization of awarded shares (17 ) (16 ) Management fees - related parties - Statements of comprehensive income / (loss) Total 163 164 (b) Central Shipping Inc (“CSI”) – Letter Agreement and Management Agreements: The fees charged by and expenses relating to CSI for the six months ended June 30, 2021 and 2022 are as follows: Six Months Ended June 30, 2021 2022 Presented in: Management fees 99 61 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet 705 866 Management fees - related parties -Statements of comprehensive income/(loss) Supervision services fees 27 14 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Superintendent fees 13 13 Vessel operating expenses -Statements of comprehensive income/(loss) 178 129 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Accounting and reporting cost 180 180 Management fees - related parties -Statements of comprehensive income/(loss) Commission for sale and purchase of vessels 793 - Management fees - related parties -Statements of comprehensive income/(loss) - 730 Gain from vessel sales -Statements of comprehensive income/(loss) 702 - Capitalized in Investments in unconsolidated joint ventures –Balance sheet - 455 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Commission on charter hire agreements 316 486 Voyage expenses - Statements of comprehensive income/(loss) Financing fees 150 312 Net in Current and Non-current portions of long-term debt – Balance Sheet Total 3,163 3,246 For the six months ended June 30, 2021 and 2022, CSI charged the Company newbuilding supervision related pass-through costs amounting to $428 and $236 respectively, which are not included in the table above and are presented in Vessels, net in the Company’s accompanying unaudited interim condensed consolidated balance sheets. (c) Dividends of Series E Shares to Family Trading Inc (“Family Trading”): (d) Dividends of Series F Shares to Africanus Inc (“Africanus”): (e) Charter party with Central Tankers Chartering Inc (“CTC”): two (f) Short term loan from Central Mare (“Central Mare Bridge Loan”):

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	6. Leases Future minimum operating lease payments: The Company’s future minimum operating lease payments required to be made after June 30, 2022, relating to the bareboat chartered-in vessels M/T Eco Bel Air and M/T Eco Beverly Hills are as follows: Year ending December 31 Bareboat charter lease payments 2022 6,021 2023 10,220 2024 10,038 2025 6,777 Total 33,056 Less imputed interest (4,201 ) Total Lease Liability 28,855 Presented as follows: Short-term lease liability 9,213 Long-term lease liability 19,642 The average remaining lease term on our chartered-in contracts greater than 12 months is 41.2 months. The bareboat chartered-in vessels generated revenue for the six months ended June 30, 2022 amounting to $8,793. 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 and was estimated to be 6.72% (same as the weighted average discount rate), which was the Company’s estimated incremental borrowing rate, at the inception of the lease, that reflects the interest the Company would have to pay to borrow funds on a collateralized basis over a similar term and similar economic environment. The cash paid for operating leases with original terms greater than 12 months was $6,064 for the six months ended June 30, 2022.
Leases	Lease arrangements, under which the Company acts as the lessor Charter agreements: As of June 30, 2022, the Company operated one vessel (M/T Marina Del Ray) under a time charter with Cargill International SA, one vessel (M/T Eco Oceano Ca) under a time charter with CTC, two vessels (M/T Eco West Coast and M/T Eco Malibu) with Clearlake Shipping Pte Ltd and four vessels (M/T’s Eco Bel Air, Eco Beverly Hills, Julius Caesar and Legio X Equestris) under time charters with Trafigura Maritime Logistics Pte Ltd. Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2022, based on commitments relating to non-cancellable time charter contracts, are as follows: Year ending December 31 Time Charter receipts 2022 41,814 2023 81,772 2024 44,525 2025 11,879 2026 98,545 Total 278,535 In arriving at the minimum future charter revenues, an estimated 20 days off-hire time to perform scheduled dry-docking in the year the drydocking is expected on each vessel has been deducted, and it has been assumed that no additional off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt [Abstract]
Debt	7. Debt: Details of the Company’s credit facilities are discussed in Note 7 of the Company’s annual financial statements for the year ended December 31, 2021 and changes in the six months ended June 30, 2022 are discussed below. Bank / Vessel(s) December 31, 2021 June 30, 2022 Total long term debt: 2 nd M/T Eco West Coast 34,955 33,725 2 nd M/T Eco Malibu 36,500 35,000 2 nd M/T Julius Caesar and M/T Legio X Equestris - 106,652 Cargill Facility ( M/T Eco Marina Del Ray 27,195 26,211 2 nd M/T Eco Oceano Ca - 46,844 Total long term debt 98,650 248,432 Less: Deferred finance fees (1,282 ) (3,974 ) Total long term debt net of deferred finance fees 97,368 244,458 Presented: Current portion of long term debt 7,205 14,949 Long term debt 90,163 229,509 Debt related to Vessels held for sale: 1 st M/T Eco Los Angeles and M/T Eco City of Angels 54,665 - Less: Deferred finance fees (1,463 ) - Debt related to Vessels held for sale net of deferred finance fees 53,202 - Total Debt net of deferred finance fees 150,570 244,458 As of June 30, 2022 the applicable LIBOR was 1.6%. As of June 30, 2022, the Company was in compliance with all debt covenants with respect to its credit facilities. The fair value of debt outstanding on June 30, 2022 approximated the carrying amount when valuing the Cargill Facility on the basis of the Commercial Interest Reference Rates (“CIRR”s) as applicable on June 30, 2022, which is considered to be a Level 2 item in accordance with the fair value hierarchy. 2 nd AVIC Sale and Leaseback Facility On March 2, 2022 the Company entered into a sale and leaseback facility (“SLB”) with AVIC (the “2 nd As part of this transaction, the Company has continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option was exercised and at the end of the ten year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment. The 2 nd The facility contains customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including, (i) an asset cover ratio of 120%, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% and (iii) minimum free liquidity of $500 per delivered vessel owned/operated by the Company. Additionally, the facility contains restrictions on the shipowning company incurring further indebtedness or guarantees and change of control provisions whereby there may not be a change of control of the Company, save with the prior written consent of AVIC. It also restricts the shipowning company from paying dividends if such a payment will result in an event of default or in a breach of covenants under the loan agreement. The facility is secured as follows: • Ownership of M/T Eco Oceano Ca.; • Assignment of insurance and earnings of M/T Eco Oceano Ca.; • Specific assignment of any time charters with duration of more than 12 months; • Corporate guarantee of the Company; • Pledge of the shares of the relative shipowning subsidiary; • Pledge over the earnings account of the vessel. Central Mare Bridge Loan On January 5, 2022, the Company entered into an unsecured credit facility for up to $20,000 with Central Mare in order to finance part of the cost of its newbuilding program. The Central Mare Bridge Loan facility was repayable in cash via one single installment at maturity on December 31, 2022. On January 6, 2022 the Company drew down $9,000. The principal terms of the loan included an arrangement fee of 2%, fixed interest of 12% per annum and a commitment fee of 1% on the undrawn part of the facility. The facility was prepaid and subsequently terminated on March 4, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	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 disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches agreement with the customer on the amounts due. The Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business. 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 aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

Common Stock, Additional Paid-I

Common Stock, Additional Paid-In Capital and Dividends	6 Months Ended
	Jun. 30, 2022
Common Stock, Additional Paid-In Capital and Dividends [Abstract]
Common Stock, Additional Paid-In Capital and Dividends	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, 2021 which have been filed with the Securities and Exchange Commission on Form 20-F on April 15, 2022. Series F preferred shares: Equity distribution agreement: Issuance of common stock and warrants as part of the June 2022 Registered Direct Offering: During the period ended June 30, 2022, no pre-funded warrants, nor any June 2022 Private Placement Warrants were exercised. Accounting Treatment of the June 2022 Private Placement Warrants The Company accounted for the June 2022 Private Placement Warrants as equity in accordance with the accounting guidance for derivatives. The Company concluded these warrants should be equity-classified since they contained no provisions which would require the Company to account for the warrants as a derivative liability, and therefore were initially measured at fair value in permanent equity with subsequent changes in fair value not measured. As of the issuance date the fair value of the 14,303,000 June 2022 Private Placement Warrants amounted to $0.61 per warrant, using the Black-Scholes methodology. The fair value was considered by the Company to be classified as Level 3 in the fair value hierarchy since it was derived by unobservable inputs. The major unobservable input in connection with the valuation of the Company’s June 2022 Private Placement Warrants was the volatility used in the valuation model, which was approximated by using five year daily historical observations of the Company’s share price. The annualized five year daily historical volatility that has been applied in the warrant valuation at inception was 169%. A 5% increase in the volatility applied would have led to an increase of 1.0% in the fair value of the June 2022 Private Placement Warrants. Accounting Treatment of the Pre-Funded Warrants The Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date. The Pre-Funded Warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such pre-funded warrants do not provide any guarantee of value or return. Dividends:

Earnings _ (Loss) Per Common Sh

Earnings / (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings / (Loss) Per Common Share [Abstract]
Earnings / (Loss) Per Common Share	10. Earnings / (Loss) Per Common Share: All shares issued are included in the Company’s common stock and have equal rights to vote and participate in dividends and in undistributed earnings. The components of the calculation of basic and diluted earnings / (loss) per share for the six months ended June 30, 2021 and 2022 are as follows: Six months ended June 30, 2021 2022 Net Income 1,682 8,605 Less: Dividends of Preferred shares (915 ) (7,322 ) Less: Deemed dividend equivalents on Series F Shares related to redemption value - (14,400 ) Gain / (loss) attributable to common shareholders 767 (13,117 ) Earnings / (loss) per share: Weighted average common shares outstanding, basic 1,991,598 2,132,179 Earnings / (loss) per share, basic and diluted 0.39 (6.15 ) For the period ended June 30, 2021 and 2022 no dilutive shares were included in the computation of diluted Earnings / (loss) per common share because to do so would have been antidilutive for the periods presented. The weighted average number of common shares used in the basic and diluted Earnings / (loss) per common share calculations for the period ended June 30, 2022 includes the Pre-Funded Warrants issued in connection with the Company’s June 2022 Registered Direct Offering (see Note 9) as the Pre-Funded Warrants are fully vested and are exercisable at any time for a negligible cash consideration. 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, 2021 2022 June 2022 Private Placement Warrants - 282,740 Series E Shares 599,148 974,782 Potentially dilutive securities 599,148 1,257,522 The Company used the treasury stock method to calculate the dilutive shares relating to a potential exercise of June 2022 Private Placement Warrants and the if-converted method to calculate the dilutive shares relating to a potential conversion of Series E Shares weighted for the period the Series E Shares were outstanding.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Derivative Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value of Financial Instruments and Derivative Instruments [Abstract]
Fair value of Financial Instruments and Derivative Instruments	11. Fair value of Financial Instruments and derivative instruments: The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, deposit assets, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of long term loans, accounts payable due to suppliers, amounts due to related parties and accrued liabilities. a) Interest rate risk: nd nd nd nd 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 items as they represent liquid assets with short term maturities. The Company considers its creditworthiness when determining the fair value of its liquid assets. The fair values of the variable interest long-term debt approximate the recorded values, due to their variable interest rates. The fair value of the fixed interest long-term debt is estimated using prevailing market rates as of the period end (see Note 7). The Company believes the terms of its loans are similar to those that could be procured as of June 30, 2022. The fair value of the long term debt is determined using observable market-based inputs hence it is considered Level 2 per the value hierarchy. The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data.

Mezzanine Equity

Mezzanine Equity	6 Months Ended
	Jun. 30, 2022
Mezzanine Equity [Abstract]
Mezzanine Equity	12. Mezzanine Equity Series E Shares During the six months ended June 30, 2022, the Company did not issue nor redeem any Series E Shares. As of June 30, 2022, upon conversion at the Series E Shares Conversion Price of $12.00 of 13,452 Series E Shares outstanding, Family Trading Inc. would have received 1,121,000 common shares. The Company presents the carrying value of the Series E Shares at their maximum redemption amount ($16,142). During the six months ended June 30, 2021 and 2022 the Company declared $915 and $1,015 of dividends to the Series E Shares holder and as of June 30, 2022 no such dividends remain payable. Series F Shares On January 17, 2022, the Company entered into a stock purchase agreement with Africanus Inc., an affiliate of Evangelos J. Pistiolis for the sale of up to 7,560,759 Series F Preferred Shares (see Note 5 and 9). The Series F Shares shall not be subject to redemption in cash at the option of the holders under any circumstance nor are convertible under any circumstance. The Company determined that the Series F shares were more akin to equity than debt and hence they have been classified in Mezzanine equity. As of June 30, 2022, the Company adjusted the carrying value of the Series F Shares to the maximum redemption amount ($86,400), resulting in an increase of $14,400, which has been accounted as deemed dividend.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On July 5, 2022, the Company redeemed 865,558 Series F Shares and paid $10,387 to Africanus Inc, $1,731 of which refers to the 20% redemption premium embedded in each redemption that the Company classified as deemed dividend. In July 2022, 5,229,000 pre-funded warrants were exercised for 261,450 common shares, and in September 2022, 4,374,000 pre-funded warrants were exercised for 218,700 common shares.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Policies)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and General Information [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements: On January 1, 2022 the Company adopted ASU 2020-06 and used the modified retrospective approach for all convertible debt instruments at the beginning of the period of adoption. The adoption of ASU 2020-06 at January 1, 2022 had no effect in the Company’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 2022.

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Tables)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and General Information [Abstract]
Subsidiaries	As of June 30, 2022, the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these unaudited interim condensed consolidated financial statements as well as intermediary companies that are 100% subsidiaries of the Company that own shipowning companies. Companies Date of Incorporation Country of Incorporation Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Wholly owned Shipowning Companies (“SPC”) with vessels in operation during period ended June 30, 2022 Date of Country of Vessel Delivery Date 1 PCH Dreaming Inc. January 2018 Marshall Islands M/T Eco Marina Del Ray March 2019 2 South California Inc. January 2018 Marshall Islands M/T Eco Bel Air April 2019 3 Malibu Warrior Inc. January 2018 Marshall Islands M/T Eco Beverly Hills May 2019 4 Roman Empire Inc. February 2020 Marshall Islands Eco West Coast March 2021 5 Athenean Empire Inc. February 2020 Marshall Islands Eco Malibu May 2021 6 Eco Oceano Ca Inc. December 2020 Marshall Islands Eco Oceano Ca March 2022 7 Julius Caesar Inc. May 2020 Marshall Islands Julius Caesar (Hull No. 3213) January 2022 8 Legio X Inc. December 2020 Marshall Islands Legio X Equestris (Hull No. 3214) March 2022
50% Owned Companies	As of June 30, 2022, the Company was the owner of 50% of outstanding shares of the following companies. SPC Date of Incorporation Country of Incorporation Vessel Built Date 1 California 19 Inc. May 2019 Marshall Islands M/T Eco Yosemite Park March 2020 2 California 20 Inc. May 2019 Marshall Islands M/T Eco Joshua Park March 2020

Vessels, net and Advances for_2

Vessels, net and Advances for Vessels Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Vessels, net and Advances for Vessels Acquisitions [Abstract]
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, 2021 163,501 (6,916 ) 156,585 — Transferred from advances for vessels under construction 245,763 - 245,763 — Depreciation - (6,114 ) (6,114 ) Balance, June 30, 2022 409,264 (13,030 ) 396,234
Advances for Vessels Acquisitions / Under Construction	An analysis of Advances for vessels acquisitions / under construction is as follows: Advances for vessels acquisitions/ under construction Balance, December 31, 2021 30,579 — Advances paid 213,429 — Capitalized expenses 1,755 — Transferred to Vessels, net (245,763 ) Balance, June 30, 2022 -

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2022
Central Mare [Member]
Transactions with Related Parties [Abstract]
Fees and Expenses	The fees charged by Central Mare for the six months ended June 30, 2021 and 2022 are as follows: Six Months Ended June 30, 2021 2022 Presented in: Executive officers and other personnel expenses 180 180 General and administrative expenses - Statements of comprehensive income / (loss) Amortization of awarded shares (17 ) (16 ) Management fees - related parties - Statements of comprehensive income / (loss) Total 163 164
Central Shipping Inc [Member]
Transactions with Related Parties [Abstract]
Fees and Expenses	The fees charged by and expenses relating to CSI for the six months ended June 30, 2021 and 2022 are as follows: Six Months Ended June 30, 2021 2022 Presented in: Management fees 99 61 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet 705 866 Management fees - related parties -Statements of comprehensive income/(loss) Supervision services fees 27 14 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Superintendent fees 13 13 Vessel operating expenses -Statements of comprehensive income/(loss) 178 129 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Accounting and reporting cost 180 180 Management fees - related parties -Statements of comprehensive income/(loss) Commission for sale and purchase of vessels 793 - Management fees - related parties -Statements of comprehensive income/(loss) - 730 Gain from vessel sales -Statements of comprehensive income/(loss) 702 - Capitalized in Investments in unconsolidated joint ventures –Balance sheet - 455 Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Commission on charter hire agreements 316 486 Voyage expenses - Statements of comprehensive income/(loss) Financing fees 150 312 Net in Current and Non-current portions of long-term debt – Balance Sheet Total 3,163 3,246

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Future Minimum Operating Lease Payments	The Company’s future minimum operating lease payments required to be made after June 30, 2022, relating to the bareboat chartered-in vessels M/T Eco Bel Air and M/T Eco Beverly Hills are as follows: Year ending December 31 Bareboat charter lease payments 2022 6,021 2023 10,220 2024 10,038 2025 6,777 Total 33,056 Less imputed interest (4,201 ) Total Lease Liability 28,855 Presented as follows: Short-term lease liability 9,213 Long-term lease liability 19,642
Future Minimum Time-Charter Receipts	Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2022, based on commitments relating to non-cancellable time charter contracts, are as follows: Year ending December 31 Time Charter receipts 2022 41,814 2023 81,772 2024 44,525 2025 11,879 2026 98,545 Total 278,535

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt [Abstract]
Debt	Details of the Company’s credit facilities are discussed in Note 7 of the Company’s annual financial statements for the year ended December 31, 2021 and changes in the six months ended June 30, 2022 are discussed below. Bank / Vessel(s) December 31, 2021 June 30, 2022 Total long term debt: 2 nd M/T Eco West Coast 34,955 33,725 2 nd M/T Eco Malibu 36,500 35,000 2 nd M/T Julius Caesar and M/T Legio X Equestris - 106,652 Cargill Facility ( M/T Eco Marina Del Ray 27,195 26,211 2 nd M/T Eco Oceano Ca - 46,844 Total long term debt 98,650 248,432 Less: Deferred finance fees (1,282 ) (3,974 ) Total long term debt net of deferred finance fees 97,368 244,458 Presented: Current portion of long term debt 7,205 14,949 Long term debt 90,163 229,509 Debt related to Vessels held for sale: 1 st M/T Eco Los Angeles and M/T Eco City of Angels 54,665 - Less: Deferred finance fees (1,463 ) - Debt related to Vessels held for sale net of deferred finance fees 53,202 - Total Debt net of deferred finance fees 150,570 244,458

Earnings _ (Loss) Per Common _2

Earnings / (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings / (Loss) Per Common Share [Abstract]
Calculation of Basic and Diluted Earnings / (Loss) per Share	The components of the calculation of basic and diluted earnings / (loss) per share for the six months ended June 30, 2021 and 2022 are as follows: Six months ended June 30, 2021 2022 Net Income 1,682 8,605 Less: Dividends of Preferred shares (915 ) (7,322 ) Less: Deemed dividend equivalents on Series F Shares related to redemption value - (14,400 ) Gain / (loss) attributable to common shareholders 767 (13,117 ) Earnings / (loss) per share: Weighted average common shares outstanding, basic 1,991,598 2,132,179 Earnings / (loss) per share, basic and diluted 0.39 (6.15 )
Antidilutive Securities	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, 2021 2022 June 2022 Private Placement Warrants - 282,740 Series E Shares 599,148 974,782 Potentially dilutive securities 599,148 1,257,522

Basis of Presentation and Gen_4

Basis of Presentation and General Information (Details)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and General Information [Abstract]
Ownership interest in subsidiaries	100%
M/T Eco Marina Del Ray [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2019-03
M/T Eco Bel Air [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2019-04
M/T Eco Beverly Hills [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2019-05
M/T Eco West Coast [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2021-03
M/T Eco Malibu [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2021-05
M/T Eco Oceano Ca [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2022-03
M/T Julius Caesar [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2022-01
M/T Legio X Equestris [Member]
Basis of Presentation and General Information [Abstract]
Delivery date	2022-03
M/T Eco Yosemite Park [Member]
Basis of Presentation and General Information [Abstract]
Built date	2020-03
M/T Eco Joshua Park [Member]
Basis of Presentation and General Information [Abstract]
Built date	2020-03
California 19 Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2019-05
Country of incorporation	1T
Vessel	M/T Eco Yosemite Park
Ownership percentage	50%
California 20 Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2019-05
Country of incorporation	1T
Vessel	M/T Eco Joshua Park
Ownership percentage	50%
Top Tanker Management Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2004-05
Country of incorporation	1T
Activity	Management company
PCH Dreaming Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2018-01
Country of incorporation	1T
Vessel	M/T Eco Marina Del Ray
South California Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2018-01
Country of incorporation	1T
Vessel	M/T Eco Bel Air
Malibu Warrior Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2018-01
Country of incorporation	1T
Vessel	M/T Eco Beverly Hills
Roman Empire Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-02
Country of incorporation	1T
Vessel	Eco West Coast
Athenean Empire Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-02
Country of incorporation	1T
Vessel	Eco Malibu
Eco Oceano Ca Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-12
Country of incorporation	1T
Vessel	Eco Oceano Ca
Julius Caesar Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-05
Country of incorporation	1T
Vessel	Julius Caesar (Hull No. 3213)
Legio X Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-12
Country of incorporation	1T
Vessel	Legio X Equestris (Hull No. 3214)

Going Concern (Details)

Going Concern (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Going Concern [Abstract]
Working capital deficit	$ (18,389)
Cash and cash equivalents, including restricted cash	18,267	$ 12,393	$ 6,370	$ 23,328
Net income	8,605	1,682
Cash flow from operations	$ 13,947	$ 9,347

Vessels, net and Advances for_3

Vessels, net and Advances for Vessels Acquisitions, Vessels, net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accumulated Depreciation [Abstract]
Depreciation	$ (6,114)	$ (3,339)
Net Book Value [Abstract]
Beginning balance	224,977
Depreciation	(6,114)	(3,339)
Ending balance	429,822
Gain on sale of vessels	78	$ 0
Vessels [Member]
Vessel Cost [Abstract]
Beginning balance	163,501
Transferred from advances for vessels under construction	245,763
Ending balance	409,264
Accumulated Depreciation [Abstract]
Beginning balance	(6,916)
Depreciation	(6,114)
Ending balance	(13,030)
Net Book Value [Abstract]
Beginning balance	156,585
Transferred from advances for vessels under construction	245,763
Depreciation	(6,114)
Ending balance	$ 396,234

Vessels, net and Advances for_4

Vessels, net and Advances for Vessels Acquisitions, Advances for Vessel Acquisitions / Under Construction (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Net Assets [Abstract]
Beginning balance	$ 30,579
Advances paid	213,429
Capitalized expenses	1,755
Transferred to Vessels, net	(245,763)
Ending balance	$ 0

Transactions with Related Par_3

Transactions with Related Parties, Central Mare (Details) - Central Mare [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Transactions with Related Parties [Abstract]
Fees and expenses	$ 164	$ 163
General and Administrative Expense [Member]
Transactions with Related Parties [Abstract]
Executive officers and other personnel expenses	180	180
Management Fees [Member]
Transactions with Related Parties [Abstract]
Amortization of awarded shares	$ (16)	$ (17)

Transactions With Related Par_4

Transactions With Related Parties, Central Shipping Inc (Details) - Central Shipping Inc [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Transactions with Related Parties [Abstract]
Fees and expenses	$ 3,246	$ 3,163
Vessels, Net / Advances for Vessels Under Construction [Member]
Transactions with Related Parties [Abstract]
Management fees	61	99
Supervision services fees	14	27
Superintendent fees	129	178
Commission for sale and purchase of vessels	455	0
New building supervision related pass-through costs	236	428
Investments in Unconsolidated Joint Ventures [Member]
Transactions with Related Parties [Abstract]
Commission for sale and purchase of vessels	0	702
Current and Non-Current Portions of Long-term Debt [Member]
Transactions with Related Parties [Abstract]
Financing fees	312	150
Management Fees - Related Parties [Member]
Transactions with Related Parties [Abstract]
Management fees	866	705
Accounting and reporting cost	180	180
Commission for sale and purchase of vessels	0	793
Vessel Operating Expenses [Member]
Transactions with Related Parties [Abstract]
Superintendent fees	13	13
Gain from Vessel Sales [Member]
Transactions with Related Parties [Abstract]
Commission for sale and purchase of vessels	730	0
Voyage Expenses [Member]
Transactions with Related Parties [Abstract]
Commission on charter hire agreements	$ 486	$ 316

Transactions With Related Par_5

Transactions With Related Parties, Family Trading Inc (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Transactions with Related Parties [Abstract]
Dividends declared	$ 7,322	$ 915
Family Trading [Member] | Series E Shares [Member]
Transactions with Related Parties [Abstract]
Dividends declared	1,015
Accrued interest on unpaid dividends	30
Family Trading [Member] | Series E Shares [Member] | Due to Related Parties [Member]
Transactions with Related Parties [Abstract]
Dividends payable	$ 0		$ 968

Transactions with Related Par_6

Transactions with Related Parties, Africanus Inc (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jan. 17, 2022
Transactions with Related Parties [Abstract]
Dividends declared	$ 7,322	$ 915
Africanus [Member] | Series F Shares [Member]
Transactions with Related Parties [Abstract]
Preferred shares to be sold (in shares)			7,560,759
Dividends declared	6,307
Accrued interest on unpaid dividends	8
Africanus [Member] | Series F Shares [Member] | Due to Related Parties [Member]
Transactions with Related Parties [Abstract]
Dividends payable	$ 1,369

Transactions With Related Par_7

Transactions With Related Parties, Central Tankers Chartering Inc (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Feb. 22, 2022	Jan. 06, 2021
Transactions with Related Parties [Abstract]
Optional term of time charter	2 years
Revenue from related parties	$ 2,786	$ 0
Central Tankers Chartering [Member]
Transactions with Related Parties [Abstract]
Term of time charter	15 years		5 years
Charter rate per day			$ 24,500	$ 32,450
Charter rate per day in first optional year				33,950
Charter rate per day in second optional year				$ 35,450
Revenue from related parties	$ 2,786
Due to related parties	$ 0

Transactions with Related Par_8

Transactions with Related Parties, Central Mare Bridge Loan (Details) - Central Mare [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jan. 05, 2022
Transactions with Related Parties [Abstract]
Maximum borrowing capacity under unsecured credit facility		$ 20,000
Related party interest expense	$ 169
Related party commitment fees	18
Related party arrangement fees	$ 400

Leases, Future Minimum Time-Cha

Leases, Future Minimum Time-Charter Operating Lease Payments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Future Minimum Operating Lease Payments [Abstract]
Short-term lease liability	$ 9,213		$ 9,815
Long-term lease liability	19,642		$ 23,948
Revenue generated from vessels	36,060	$ 25,310
M/T Eco Bel Air and M/T Eco Beverly Hills [Member]
Future Minimum Operating Lease Payments [Abstract]
2022 (remainder)	6,021
2023	10,220
2024	10,038
2025	6,777
Total	33,056
Less imputed interest	(4,201)
Total Lease Liability	28,855
Short-term lease liability	9,213
Long-term lease liability	$ 19,642
Average remaining lease term on chartered contracts greater than 12 months	41 months 6 days
Revenue generated from vessels	$ 8,793
Discount rate used to calculate present value of lease payments	6.72%
Cash paid for operating leases	$ 6,064

Leases, Future Minimum Time-C_2

Leases, Future Minimum Time-Charter Receipts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Vessel
Future Minimum Time-charter Receipts from Vessels in Operation [Abstract]
2022 (remaining)	$ 41,814
2023	81,772
2024	44,525
2025	11,879
2026 to 2037	98,545
Total	$ 278,535
Estimated off-hire time	20 days
Cargill International SA [Member]
Charter Agreements [Abstract]
Number of vessels operated under time charters | Vessel	1
CTC [Member]
Charter Agreements [Abstract]
Number of vessels operated under time charters | Vessel	1
Clearlake Shipping Pte Ltd [Member]
Charter Agreements [Abstract]
Number of vessels operated under time charters | Vessel	2
Trafigura Maritime Logistics Pte Ltd. [Member]
Charter Agreements [Abstract]
Number of vessels operated under time charters | Vessel	4

Debt, Total Long-Term Debt (Det

Debt, Total Long-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt [Abstract]
Long term debt	$ 248,432	$ 98,650
Less: Deferred finance fees	(3,974)	(1,282)
Total long term debt net of deferred finance fees	244,458	97,368
Presented [Abstract]
Current portion of long term debt	14,949	7,205
Long term debt	229,509	90,163
Debt Related to Vessels Held for Sale [Abstract]
Less: Deferred finance fees	0	(1,463)
Debt related to Vessels held for sale net of deferred finance fees	0	53,202
Total Debt net of deferred finance fees	$ 244,458	150,570
LIBOR [Member]
Debt Related to Vessels Held for Sale [Abstract]
Interest rate	1.60%
2nd ABN Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco West Coast
Long term debt	$ 33,725	34,955
2nd Alpha Bank Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Malibu
Long term debt	$ 35,000	36,500
2nd CMBFL Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Julius Caesar and M/T Legio X Equestris
Long term debt	$ 106,652	0
Cargill Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Marina Del Ray
Long term debt	$ 26,211	27,195
2nd AVIC Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Oceano Ca
Long term debt	$ 46,844	0
1st AVIC Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Los Angeles and M/T Eco City of Angels
Debt Related to Vessels Held for Sale [Abstract]
Debt related to Vessels held for sale	$ 0	$ 54,665

Debt, 2nd AVIC Sale and Leaseba

Debt, 2nd AVIC Sale and Leaseback Facility (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Installment	Mar. 02, 2022 USD ($)
LIBOR [Member]
Debt [Abstract]
Basis spread on variable rate	1.60%
2nd AVIC Sale and Leaseback Facility [Member]
Debt [Abstract]
Sale and leaseback facility amount		$ 48,200
Sale and leaseback transaction leasing term	10 years
Number of quarterly installments under sale and leaseback transaction | Installment	40
Quarterly installments under sale and leaseback transaction	$ 678
Balloon payment under sale and leaseback transaction	$ 21,087
Asset coverage ratio	120%
Term of time charter assigned under secured facility	12 months
2nd AVIC Sale and Leaseback Facility [Member] | LIBOR [Member]
Debt [Abstract]
Basis spread on variable rate	3.50%
2nd AVIC Sale and Leaseback Facility [Member] | Maximum [Member]
Debt [Abstract]
Ratio of debt to market value of fleet	75%
2nd AVIC Sale and Leaseback Facility [Member] | Minimum [Member]
Debt [Abstract]
Free liquidity per delivered vessel owned/operated	$ 500

Debt, Central Mare Bridge Loan

Debt, Central Mare Bridge Loan (Details) - Central Mare [Member] $ in Thousands		6 Months Ended
	Jan. 05, 2022 USD ($)	Jun. 30, 2022 Installment	Jan. 06, 2022 USD ($)
Debt [Abstract]
Unsecured credit facility	$ 20,000
Number of payment installments | Installment		1
Maturity date		Dec. 31, 2022
Draw down amount			$ 9,000
Percentage of commitment fee	1%
Line of Credit [Member]
Debt [Abstract]
Arrangement fee	2%
Interest rate	12%

Common Stock, Additional Paid_2

Common Stock, Additional Paid-In Capital and Dividends, Series F Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jan. 17, 2022
Maximum [Member]
Series F Preferred Shares [Abstract]
Minimum voting rights percentage	50%
Series F Preferred Stock [Member]
Series F Preferred Shares [Abstract]
Preferred shares issued (in shares)	7,200,000
Number of common shares that can be voted for each preferred share (in shares)	10
Liquidation amount per share (in dollars per share)	$ 10
Redemption premium percentage	20%
Dividend rate percentage	13.50%
Series F Preferred Stock [Member] | Maximum [Member]
Series F Preferred Shares [Abstract]
Redemption premium percentage	40%
Series F Preferred Stock [Member] | One-Time Cash Dividend [Member]
Series F Preferred Shares [Abstract]
Dividend rate percentage	4%
Africanus [Member]
Series F Preferred Shares [Abstract]
Shipbuilding costs to be assumed		$ 47,630
Africanus [Member] | Maximum [Member]
Series F Preferred Shares [Abstract]
Remaining payment obligations		$ 27,978
Africanus [Member] | Series F Preferred Stock [Member]
Series F Preferred Shares [Abstract]
Preferred shares to be sold (in shares)		7,560,759
Preferred shares issued (in shares)	7,200,000
VLCC Companies [Member]
Series F Preferred Shares [Abstract]
Due to related parties		$ 24,370

Common Stock, Additional Paid_3

Common Stock, Additional Paid-In Capital and Dividends, Equity Distribution Agreement (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Apr. 15, 2022
Equity Distribution Agreement [Abstract]
Proceeds from issuance of common stock		$ 9,217	$ 0
ATM [Member]
Equity Distribution Agreement [Abstract]
Common stock that can be sold under ATM				$ 19,700
Percentage fee charged by Maxim under ATM	2%	2%
Proceeds from issuance of common stock	$ 2,025
Common shares issued (in shares)	129,442
Expenses related to equity distribution agreement	$ 81

Common Stock, Additional Paid_4

Common Stock, Additional Paid-In Capital and Dividends, Issuance of Common Stock and Warrants (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 03, 2022 USD ($) $ / shares shares	Jun. 30, 2022 shares
Pre-Funded Warrants [Member]
Issuance of Common Stock and Warrants [Abstract]
Warrants issued	9,603,000
Number of securities called by warrants (in shares)	480,150
Number of securities called by each warrant (in shares)	20
Exercise price (in dollars per share) | $ / shares	$ 0.002
Warrants exercised		0
June 2022 Private Placement Warrants [Member]
Issuance of Common Stock and Warrants [Abstract]
Warrants issued	14,303,000
Number of securities called by warrants (in shares)	715,150
Number of securities called by each warrant (in shares)	20
Exercise price (in dollars per share) | $ / shares	$ 10
Term of warrant		5 years
Warrants exercised		0
Fair value (in dollars per share) | $ / shares	$ 0.61
Term of daily historical observations of share price		5 years
Percentage increase in fair value of warrants due to change in volatiliy		1%
June 2022 Private Placement Warrants [Member] | Volatility [Member]
Issuance of Common Stock and Warrants [Abstract]
Measurement input		1.69
Percentage increase in volatility		5%
June 2022 Registered Direct Offering [Member]
Issuance of Common Stock and Warrants [Abstract]
Shares registered under direct offering (in shares)	235,000
Offering price (in dollars per share) | $ / shares	$ 10
Gross proceeds | $	$ 7,151
Underwriting discounts, commissions and other offering expenses | $	$ 593

Common Stock, Additional Paid_5

Common Stock, Additional Paid-In Capital and Dividends, Dividends (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Common Stock, Additional Paid-In Capital and Dividends [Abstract]
Dividends paid to common stock holders	$ 0	$ 0

Earnings _ (Loss) Per Common _3

Earnings / (Loss) Per Common Share, Calculation of Basic and Diluted Earnings / (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings / (Loss) Per Common Share [Abstract]
Net Income	$ 8,605	$ 1,682
Less: Dividends of Preferred shares	(7,322)	(915)
Less: Deemed dividend equivalents on Series F Shares related to redemption value	(14,400)	0
Net income/(loss) attributable to common shareholders	$ (13,117)	$ 767
Earnings / (Loss) per share [Abstract]
Weighted average common shares outstanding, basic (in shares)	2,132,179	1,991,598
Earnings / (Loss) per share, basic (in dollars per share)	$ (6.15)	$ 0.39
Earnings / (Loss) per share, diluted (in dollars per share)	$ (6.15)	$ 0.39
Antidilutive securities from computation of diluted earnings / (loss) per common share (in shares)	0	0

Earnings _ (Loss) Per Common _4

Earnings / (Loss) Per Common Share, Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings / (Loss) Per Common Share [Abstract]
Potentially dilutive securities (in shares)	1,257,522	599,148
June 2022 Private Placement Warrants [Member]
Earnings / (Loss) Per Common Share [Abstract]
Potentially dilutive securities (in shares)	282,740	0
Series E Shares [Member]
Earnings / (Loss) Per Common Share [Abstract]
Potentially dilutive securities (in shares)	974,782	599,148

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jan. 17, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Mezzanine Equity [Abstract]
Temporary equity, shares outstanding (in shares)		7,213,452	11,264	13,452	11,264
Redemption amount		$ 102,542		$ 16,142
Deemed dividend related to redemption value		14,400	$ 0
Dividends declared to shareholders		$ 7,322	915
Series E Preferred Stock [Member]
Mezzanine Equity [Abstract]
Shares issued (in shares)		0
Stock redeemed (in shares)		0
Convertible preferred stock conversion price (in dollars per share)		$ 12
Temporary equity, shares outstanding (in shares)		13,452		13,452
Redemption amount		$ 16,142
Dividends declared to shareholders		1,015	$ 915
Dividends payable to shareholders		$ 0
Series E Preferred Stock [Member] | Family Trading Inc. [Member]
Mezzanine Equity [Abstract]
Convertible preferred stock, shares issued upon conversion (in shares)		1,121,000
Series F Preferred Stock [Member]
Mezzanine Equity [Abstract]
Temporary equity, shares outstanding (in shares)		7,200,000
Deemed dividend related to redemption value		$ 14,400
Series F Preferred Stock [Member] | Maximum [Member]
Mezzanine Equity [Abstract]
Shares issued (in shares)	7,560,759
Redemption amount		$ 86,400

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended		6 Months Ended
	Jul. 05, 2022	Sep. 27, 2022	Jul. 31, 2022	Jun. 30, 2022
Pre-Funded Warrants [Member]
Subsequent Events [Abstract]
Warrants exercised				0
Subsequent Event [Member]
Subsequent Events [Abstract]
Shares issued (in shares)		218,700	261,450
Subsequent Event [Member] | Pre-Funded Warrants [Member]
Subsequent Events [Abstract]
Warrants exercised		4,374,000	5,229,000
Subsequent Event [Member] | Africanus [Member] | Series F Preferred Stock [Member]
Subsequent Events [Abstract]
Stock redeemed (in shares)	865,558
Stock redeemed, value	$ 10,387
Redemption premium embedded in deemed dividends	$ 1,731
Redemption premium percentage embedded in deemed dividend	20%