Top Ships (TOPS) 6-K 9 Aug 23 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
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, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 9,629	$ 20,544
Trade accounts receivable	0	8
Prepayments and other	1,626	1,314
Inventories	1,057	1,026
Due from related parties	$ 622	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current assets	$ 12,934	$ 22,892
FIXED ASSETS:
Vessels, net (Note 4)	381,884	389,059
Right of use assets from operating leases	24,093	28,708
Other fixed assets, net	505	505
Total fixed assets	406,482	418,272
OTHER NON CURRENT ASSETS:
Restricted cash	4,000	4,000
Investments in unconsolidated joint ventures	20,804	22,173
Deposit asset	2,000	2,000
Total non-current assets	26,804	28,173
Total assets	446,220	469,337
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	34,874	12,344
Due to related parties (Note 5)	$ 0	$ 237
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accounts payable	$ 1,759	$ 1,953
Accrued liabilities	2,083	2,061
Unearned revenue	6,286	7,030
Current portion of Operating lease liabilities (Note 6)	8,795	8,610
Vessel fair value participation liability (Note 7)	3,605	0
Total current liabilities	57,402	32,235
NON-CURRENT LIABILITIES:
Non-current portion of long-term debt (Note 7)	192,309	221,370
Non-current portion of Operating lease liabilities (Note 6)	10,847	15,338
Other non-current liabilities	50	100
Vessel fair value participation liability (Note 7)	0	3,271
Total non-current liabilities	203,206	240,079
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	260,608	272,314
MEZZANINE EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; 13,452 Series E Shares issued and outstanding at December 31, 2022 and June 30, 2023 and 5,850,748 and 3,659,628 Series F Shares issued and outstanding at December 31, 2022 and June 30, 2023 (Note 12)	37	59
Preferred stock, Paid-in capital in excess of par	60,021	86,292
Total mezzanine equity	60,058	86,351
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, 2022 and June 30, 2023	1	1
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 10,294,906 shares issued and outstanding at December 31, 2022 and 20,346,091 shares issued and outstanding at June 30, 2023	203	103
Additional paid-in capital	437,382	428,374
Accumulated deficit	(312,032)	(317,806)
Total stockholders' equity	125,554	110,672
Total liabilities, mezzanine equity and stockholders' equity	$ 446,220	$ 469,337

UNAUDITED INTERIM CONDENSED C_2

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	3,673,079	5,864,200
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)	20,346,091	10,294,906
Common stock, shares outstanding (in shares)	20,346,091	10,294,906
Series E Preferred Shares [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 Shares [Member]
MEZZANINE EQUITY:
Preferred stock, shares issued (in shares)	3,659,628	5,850,748
Preferred stock, shares outstanding (in shares)	3,659,628	5,850,748
Series D Preferred Shares [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 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Total revenues	$ 41,145	$ 38,846
EXPENSES:
Voyage expenses	804	875
Operating lease expenses	5,378	5,378
Other vessel operating expenses	9,624	9,705
Vessel depreciation	7,175	6,114
Management fees-related parties (Note 5)	1,092	1,030
Gain on sale of vessels	0	(78)
General and administrative expenses	799	691
Operating income	16,273	15,131
OTHER INCOME (EXPENSES):
Interest and finance costs	(10,528)	(6,927)
Interest income	58	0
Equity gains/(losses) in unconsolidated joint ventures	(29)	401
Total other expenses, net	(10,499)	(6,526)
Net income	5,774	8,605
Comprehensive income	5,774	8,605
Less: Deemed dividend equivalents on Series F Shares related to redemption value	0	(14,400)
Less: Dividends of preferred shares (Note 5 and 12)	(3,485)	(7,322)
Net (loss)/income attributable to common shareholders, basic	2,289	(13,117)
Comprehensive income attributable to common shareholders	$ 2,289	$ (13,117)
(Loss)/Earnings per common share, basic (in dollars per share)	$ 0.13	$ (6.15)
(Loss)/Earnings per common share, diluted (in dollars per share)	$ 0.1	$ (6.15)
Weighted average common shares outstanding, basic (in shares)	17,793,072	2,132,179
Weighted average common shares outstanding, diluted (in shares)	33,079,436	2,132,179
Nonrelated Party [Member]
REVENUES:
Time charter revenues	$ 36,710	$ 36,060
Related Party [Member]
REVENUES:
Time charter revenues	$ 4,435	$ 2,786

UNAUDITED INTERIM CONDENSED C_4

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total	Par Value [Member]	Mezzanine Equity [Member]
Beginning balance at Dec. 31, 2021						$ 0	$ 16,142
Beginning balance (in shares) at Dec. 31, 2021					13,452
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series F Shares						72	71,928
Issuance of Series F Shares (in shares)					7,200,000
Deemed dividend equivalents on Series F Shares related to redemption value						0	14,400
Ending balance at Jun. 30, 2022						72	102,470
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	$ 0	$ 4	8,499	0	8,503
Issuance of common stock and Pre-Funded Warrants pursuant to equity offerings (in shares)	0	364,443
Issuance of common stock pursuant to equity offerings (Note 9)	$ 0	$ 0	0	0	0
Issuance of common stock pursuant to equity offerings (Note 9) (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 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
Beginning balance at Dec. 31, 2022					$ 86,351	59	86,292
Beginning balance (in shares) at Dec. 31, 2022					5,864,200
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series F Shares						0	0
Issuance of Series F Shares (in shares)					0
Redemptions of preferred shares (Note 5 and 12)						(22)	(26,271)
Redemptions of preferred shares (Note 5 and 12) (in shares)					(2,191,121)
Ending balance at Jun. 30, 2023					$ 60,058	$ 37	$ 60,021
Ending balance (in shares) at Jun. 30, 2023					3,673,079
Balance at Dec. 31, 2022	$ 1	$ 103	428,374	(317,806)	$ 110,672
Balance (in shares) at Dec. 31, 2022	100,000	10,294,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	$ 0	0	5,774	5,774
Issuance of common stock pursuant to equity offerings (Note 9)	$ 0	$ 100	12,481	0	12,581
Issuance of common stock pursuant to equity offerings (Note 9) (in shares)	0	10,045,185
Exercise of Warrants, net of fees (Note 9)	$ 0	$ 0	12	0	$ 12
Exercise of Warrants, net of fees (Note 9) (in shares)	0	6,000			6,000
Dividends of Preferred Shares (Note 5 and 12)		$ 0	(3,485)	0	$ (3,485)
Balance at Jun. 30, 2023	$ 1	$ 203	$ 437,382	$ (312,032)	$ 125,554
Balance (in shares) at Jun. 30, 2023	100,000	20,346,091

UNAUDITED INTERIM CONDENSED C_5

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2023 $ / shares
Series E Preferred Shares [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend per share (in dollars per share)	$ 74.41
Series F Preferred Shares [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend per share (in dollars per share)	$ 0.68

UNAUDITED INTERIM CONDENSED C_6

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net Cash provided by Operating Activities
Net Cash provided by Operating Activities	$ 13,023	$ 13,947
Cash Flows from Investing Activities:
Advances for vessels under construction	0	(216,559)
Net proceeds from sale of vessels	0	72,060
Returns of investments in unconsolidated joint ventures	1,340	1,449
Net Cash (used in)/provided by Investing Activities	1,340	(143,050)
Cash Flows from Financing Activities:
Proceeds from debt	0	156,201
Principal payments of debt	(7,813)	(6,906)
Prepayment of debt	0	(54,179)
Proceeds from issuance of series F preferred stock	0	47,630
Proceeds from related party debt	0	9,000
Prepayment of related party debt	0	(9,000)
Proceeds from equity offerings, gross (Note 9)	13,561	9,217
Equity offerings costs	(1,260)	(574)
Dividends of Preferred shares (Note 5 and 12)	(3,485)	(6,921)
Payment of financing costs	0	(3,468)
Redemption of preferred shares	(26,293)	0
Proceeds from warrant exercises, net	12	0
Net Cash provided by/(used in) Financing Activities	(25,278)	141,000
Net increase/(decrease) in cash and cash equivalents and restricted cash	(10,915)	11,897
Cash and cash equivalents and restricted cash at beginning of year	24,544	6,370
Cash and cash equivalents and restricted cash at end of the period	13,629	18,267
Cash breakdown
Cash and cash equivalents	9,629	14,267
Restricted cash, non-current	4,000	4,000
SUPPLEMENTAL CASH FLOW INFORMATION
Capital expenditures included in Accounts payable/ Accrued liabilities/ Due to related parties	0	155
Interest paid net of capitalized interest	8,814	4,414
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties	16	100
Dividends of Preferred shares included in Due to Related Parties	0	1,369
Offering expenses included in liabilities	0	141
Deemed dividend equivalents on Series F Shares related to redemption value	0	14,400
Settlement of Due to related parties with the issuance of Series F Shares	0	24,370
Related party S&P commissions relating to Proceeds from vessel sales included in Due to related parties	$ 0	$ 346

Basis of Presentation and Gener

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2023
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, 2023, 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, 2023 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 M/T Eco West Coast March 2021 5 Athenean Empire Inc. February 2020 Marshall Islands M/T Eco Malibu May 2021 6 Eco Oceano Ca Inc. December 2020 Marshall Islands M/T Eco Oceano Ca March 2022 7 Julius Caesar Inc. May 2020 Marshall Islands M/T Julius Caesar January 2022 8 Legio X Inc. December 2020 Marshall Islands M/T Legio X Equestris March 2022 As of June 30, 2023, the Company was the owner of 50% of outstanding shares of the following companies. SPC Date of Incorporation Country of Incorporation Vessel Delivery 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, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 3, 2023. 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, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023. 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., E.U. 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., E.U. 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.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 which have been filed with the US Securities and Exchange Commission on Form 20-F on April 3, 2023. There have been no changes to these policies in the six months ended June 30, 2023 apart from the one listed below. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, updated in December 2022 by ASU No. 2022-06, Deferral of Sunset Date of Topic 848. The ASUs apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASUs provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the ASUs do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04, as updated by ASU 2022-06, is effective for all entities as of March 12, 2020, through December 31, 2024. The impact of the adoption did not have a material impact on the Company’s unaudited interim condensed consolidated financial statements. Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements in the current period.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2023
Going Concern [Abstract]
Going Concern	3. Going Concern: At June 30, 2023, the Company had a working capital deficit of $44,468 and cash and cash equivalents, including restricted cash, of $13,629 and for the six months ended June 30, 2023 realized a net income of $5,774 and generated cash flow from operations of $13,023. A significant part of the working capital deficit consists of the outstanding balance of the Cargill facility that matures in the first quarter of 2024 and as such has been presented in Current portion of long-term debt ($21,792), as well as the Vessel fair value participation liability ($3,605) linked to that facility that has also been presented in current liabilities (Note 7). Additionally, another significant part of the working capital deficit relates to pre-collected revenue presented in Unearned revenue ($6,286). This amount represents a current liability that does not require future cash settlement. On July 17, 2023 the Company received a termsheet from a major Chinese leasing company for a facility to fully refinance the Cargill facility upon its maturity (Note 13), subject to definitive loan documentation. 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, operational cash flow, and anticipated successful completion of its refinancing. The Company believes it has the ability to continue as a going concern and 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

Vessels, net	6 Months Ended
	Jun. 30, 2023
Vessels, net [Abstract]
Vessels, net	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, 2022 409,264 (20,205 ) 389,059 — Depreciation - (7,175 ) (7,175 ) Balance, June 30, 2023 409,264 (27,380 ) 381,884 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.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2023
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, 2022 and 2023 are as follows: Six Months Ended June 30, 2022 2023 Presented in: Executive officers and other personnel expenses 180 180 General and administrative expenses - Statements of comprehensive income Amortization of awarded shares (16 ) - Management fees - related parties - Statements of comprehensive income Total 164 180 (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, 2022 and 2023 are as follows: Six Months Ended June 30, 2022 2023 Presented in: Management fees 61 - Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet 866 912 Management fees - related parties -Statements of comprehensive income Supervision services fees 14 - Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Superintendent fees 13 7 Vessel operating expenses -Statements of comprehensive income 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 Commission for sale and purchase of vessels 730 - Gain from vessel sales -Statements of comprehensive income 455 - Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Commission on charter hire agreements 486 514 Voyage expenses - Statements of comprehensive income Financing fees 312 - Net in Current and Non-current portions of long-term debt – Balance Sheet Total 3,246 1,613 For the six months ended June 30, 2022 and 2023, CSI charged the Company newbuilding supervision related pass-through costs amounting to $236 and $- 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”):

Leases

Leases	6 Months Ended
	Jun. 30, 2023
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, 2023, 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 2023 5,152 2024 10,038 2025 6,777 Total 21,967 Less imputed interest (2,325 ) Total Lease Liability 19,642 Presented as follows: Current portion of Operating lease liabilities 8,795 Non-current portion of Operating lease liabilities 10,847 The average remaining lease term on our chartered-in contracts greater than 12 months is 29.2 months. The bareboat chartered-in vessels generated revenue for the six months ended June 30, 2023 amounting to $8,688. 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 $5,068 for the six months ended June 30, 2023.
Leases	Lease arrangements, under which the Company acts as the lessor Charter agreements: As of June 30, 2023, 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, 2023, based on commitments relating to non-cancellable time charter contracts, are as follows: Year ending December 31 Time Charter receipts 2023 40,638 2024 66,674 2025 43,342 2026 34,428 2027 91,615 Total 276,697 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, 2023
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, 2022 and changes in the six months ended June 30, 2023 are discussed below. Bank / Vessel(s) December 31, 2022 June 30, 2023 Total long term debt: 2 nd M/T Eco West Coast 32,495 31,265 2 nd M/T Eco Malibu 33,500 32,000 Cargill Facility (M/T Eco Marina Del Ray – presented in Current portion of long-term debt) 25,189 24,161 2 nd M/T Julius Caesar and M/T Legio X Equestris 103,952 101,252 2 nd M/T Eco Oceano Ca 45,489 44,133 Total long term debt 240,625 232,811 Less: Deferred finance fees (3,640 ) (3,331 ) Less: Debt discount relating to Vessel fair value participation liability (allocated to Current portion of long-term debt) (3,271 ) (2,297 ) Total long term debt net of deferred finance fees and debt discounts 233,714 227,183 Presented: Current portion of long term debt (including Cargill Facility maturing in March 2023) 12,344 34,874 Long term debt 221,370 192,309 Total Debt net of deferred finance fees 233,714 227,183 Cargill Facility As a result of Cargill’s entitlement to participate in the appreciation of the market value of the vessel, as of December 31, 2022 the Company recognized a participation liability of $3,271 with a corresponding debit to a Debt discount account, presented contra to the respective loan balance, broken down to current and non-current long-term debt accordingly. Due to the increase in tanker vessel values the Company increased that participation liability by $334 during the period ended June 30, 2023 and as the facility matures in the first quarter of 2024, such participation liability was presented under current liabilities. During the period ended June 30, 2023 the Company amortized $1,308 of that Debt discount, such amortization presented in Interest and finance costs in the unaudited interim condensed consolidated statements of comprehensive income. 2nd Alpha Bank Facility From June 9, 2023 Alpha Bank switched the facility’s variable rate from LIBOR to Term SOFR. As of June 30, 2023 the facility bore a Term SOFR rate of 5.13%. 2nd ABN Facility From June 23, 2023 ABN Amro bank switched the facility’s variable rate from LIBOR to Compounded SOFR. As of June 30, 2023 the facility bore a Compounded SOFR rate of 5.24%. As of June 30, 2023, the Company was in compliance with all debt covenants with respect to its credit facilities. The fair value of debt outstanding on June 30, 2023 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, 2023, which is considered to be a Level 2 item in accordance with the fair value hierarchy. As of June 30, 2023 the applicable average LIBOR on the 2nd CMBFL Facility was 5.39% and on the 2nd AVIC Facility the applicable LIBOR was 5.51%.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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, 2023
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, 2022 which have been filed with the Securities and Exchange Commission on Form 20-F on April 3, 2023. Issuance of common stock and warrants as part of the February 2023 Registered Direct Offering: On February 14, 2023, the Company entered into a securities purchase agreement with several institutional investors to purchase $13,561 of the Company’s units (a total of 10,045,185 units were issued) in a registered direct offering at a price of $1.35 per unit. Each unit consisted of one common share and one warrant (the “February 2023 Warrants”). The February 2023 Warrants are immediately exercisable, expire five years from the date of issuance and have an exercise price of $1.35 per common share. The offering closed on February 16, 2023. Additionally, since over 80% of the investors in the February 2023 Registered Direct Offering were Class C Warrant holders, we agreed to reduce the exercise price per common share of the Class C Warrants to $1.35 per common share from an original exercise price of $2.00 per common share to induce them to participate in the offering. The Company has recognized the incremental fair value of $121 of the modified Class C Warrants as an equity issuance cost. During the period ended June 30, 2023, no February 2023 Warrants were exercised. Accounting Treatment of the February 2023 Warrants The Company accounted for the February 2023 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 February 2023 Warrants amounted to $0.79 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 February 2023 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 154%. A 5% increase in the volatility applied would have led to an increase of 1.8% in the fair value of the February 2023 Warrants. Class C Warrants: During the period ended June 30, 2023, 6,000 Class C Warrants were exercised for $12 and 6,000 common shares were issued in connection with said exercise. Dividends:

(Loss)_Earnings Per Common Shar

(Loss)/Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
(Loss)/Earnings Per Common Share [Abstract]
(Loss)/Earnings Per Common Share	10. (Loss)/Earnings 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 (Loss)/Earnings per share for the six months ended June 30, 2022 and 2023 are as follows: Six months ended June 30, 2022 2023 Net Income 8,605 5,774 Less: Dividends of Preferred shares (7,322 ) (3,485 ) Less: Deemed dividend equivalents on Series F Shares related to redemption value (14,400 ) - (Loss)/Earnings attributable to common shareholders, basic (13,117 ) 2,289 Weighted average common shares outstanding, basic 2,132,179 17,793,072 (Loss)/Earnings per share, basic (6.15 ) 0.13 (Loss)/Earnings attributable to common shareholders, basic (13,117 ) 2,289 Add: Dividends of Convertible preferred shares - 1,001 (Loss)/Earnings attributable to common shareholders, diluted (13,117 ) 3,290 Effect of dilutive securities: Series E Shares - 15,286,364 Weighted average common shares outstanding, diluted 2,132,179 33,079,436 (Loss)/Earnings per share, diluted (6.15 ) 0.10 For the period ended June 30, 2022 no dilutive shares were included in the computation of diluted Loss per common share because to do so would have been antidilutive for the period presented. For the period ended June 30, 2023, since all of the Company’s warrants were out of the money, no dilutive shares were assumed from their exercise and the Company used 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, 2023
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, 2023. 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, 2023
Mezzanine Equity [Abstract]
Mezzanine Equity	12. Mezzanine Equity Series E Shares During the six months ended June 30, 2023, the Company did not issue nor redeem any Series E Shares. As of June 30, 2023, upon conversion at the Series E Shares Conversion Price of $0.60 of 13,452 Series E Shares outstanding, Family Trading Inc. would have received 22,420,000 common shares. The Company presents the carrying value of the Series E Shares at their maximum redemption amount ($16,142). Series F Shares During the six months ended June 30, 2023, the Company did not issue any Series F Shares and redeemed 2,191,121 Series F Shares for $26,293. The Company presents the carrying value of the Series F Shares at their maximum redemption amount ($43,916).

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On July 6, 2023 the Company entered into an agreement to extend the duration of the time charter parties with Clearlake for a fixed term of minimum 30 months and maximum of 36 months for vessels M/T Eco West Coast and M/T Eco Malibu. The daily rate of the extended period was agreed at $32,850. On July 17, 2023, the Company received a termsheet from a major Chinese leasing company for the refinancing of the Cargill facility for the vessel M/T Eco Marina Del Ray, subject to definitive loan documentation and the bank’s credit committee approval. The facility will be in the form of a sale and leaseback agreement whereby the Company following the sale will bareboat charter back the vessel at bareboat hire rates comprising of financing principal based on straight-line amortization to the last purchase option, plus interest based on SOFR plus a margin. As part of this transaction, the Company will have continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option is exercised. The credit facility will not bear any commitment fees. The sale and leaseback facility will contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements. This sale and leaseback agreement will be accounted as a financing transaction, as control will remain with the Company and the vessel will continue to be recorded as an asset on the Company’s balance sheet.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 3, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements in the current period.

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Tables)	6 Months Ended
	Jun. 30, 2023
Basis of Presentation and General Information [Abstract]
Subsidiaries	As of June 30, 2023, 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, 2023 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 M/T Eco West Coast March 2021 5 Athenean Empire Inc. February 2020 Marshall Islands M/T Eco Malibu May 2021 6 Eco Oceano Ca Inc. December 2020 Marshall Islands M/T Eco Oceano Ca March 2022 7 Julius Caesar Inc. May 2020 Marshall Islands M/T Julius Caesar January 2022 8 Legio X Inc. December 2020 Marshall Islands M/T Legio X Equestris March 2022
50% Owned Companies	As of June 30, 2023, the Company was the owner of 50% of outstanding shares of the following companies. SPC Date of Incorporation Country of Incorporation Vessel Delivery 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 (Tables)

Vessels, net (Tables)	6 Months Ended
	Jun. 30, 2023
Vessels, net [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, 2022 409,264 (20,205 ) 389,059 — Depreciation - (7,175 ) (7,175 ) Balance, June 30, 2023 409,264 (27,380 ) 381,884

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2023
Central Mare [Member]
Transactions with Related Parties [Abstract]
Fees and Expenses	The fees charged by Central Mare for the six months ended June 30, 2022 and 2023 are as follows: Six Months Ended June 30, 2022 2023 Presented in: Executive officers and other personnel expenses 180 180 General and administrative expenses - Statements of comprehensive income Amortization of awarded shares (16 ) - Management fees - related parties - Statements of comprehensive income Total 164 180
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, 2022 and 2023 are as follows: Six Months Ended June 30, 2022 2023 Presented in: Management fees 61 - Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet 866 912 Management fees - related parties -Statements of comprehensive income Supervision services fees 14 - Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Superintendent fees 13 7 Vessel operating expenses -Statements of comprehensive income 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 Commission for sale and purchase of vessels 730 - Gain from vessel sales -Statements of comprehensive income 455 - Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet Commission on charter hire agreements 486 514 Voyage expenses - Statements of comprehensive income Financing fees 312 - Net in Current and Non-current portions of long-term debt – Balance Sheet Total 3,246 1,613

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Future Minimum Operating Lease Payments	The Company’s future minimum operating lease payments required to be made after June 30, 2023, 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 2023 5,152 2024 10,038 2025 6,777 Total 21,967 Less imputed interest (2,325 ) Total Lease Liability 19,642 Presented as follows: Current portion of Operating lease liabilities 8,795 Non-current portion of Operating lease liabilities 10,847
Future Minimum Time-Charter Receipts	Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2023, based on commitments relating to non-cancellable time charter contracts, are as follows: Year ending December 31 Time Charter receipts 2023 40,638 2024 66,674 2025 43,342 2026 34,428 2027 91,615 Total 276,697

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 and changes in the six months ended June 30, 2023 are discussed below. Bank / Vessel(s) December 31, 2022 June 30, 2023 Total long term debt: 2 nd M/T Eco West Coast 32,495 31,265 2 nd M/T Eco Malibu 33,500 32,000 Cargill Facility (M/T Eco Marina Del Ray – presented in Current portion of long-term debt) 25,189 24,161 2 nd M/T Julius Caesar and M/T Legio X Equestris 103,952 101,252 2 nd M/T Eco Oceano Ca 45,489 44,133 Total long term debt 240,625 232,811 Less: Deferred finance fees (3,640 ) (3,331 ) Less: Debt discount relating to Vessel fair value participation liability (allocated to Current portion of long-term debt) (3,271 ) (2,297 ) Total long term debt net of deferred finance fees and debt discounts 233,714 227,183 Presented: Current portion of long term debt (including Cargill Facility maturing in March 2023) 12,344 34,874 Long term debt 221,370 192,309 Total Debt net of deferred finance fees 233,714 227,183

(Loss)_Earnings Per Common Sh_2

(Loss)/Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
(Loss)/Earnings Per Common Share [Abstract]
Calculation of Basic and Diluted (Loss)/Earnings per Share	The components of the calculation of basic and diluted (Loss)/Earnings per share for the six months ended June 30, 2022 and 2023 are as follows: Six months ended June 30, 2022 2023 Net Income 8,605 5,774 Less: Dividends of Preferred shares (7,322 ) (3,485 ) Less: Deemed dividend equivalents on Series F Shares related to redemption value (14,400 ) - (Loss)/Earnings attributable to common shareholders, basic (13,117 ) 2,289 Weighted average common shares outstanding, basic 2,132,179 17,793,072 (Loss)/Earnings per share, basic (6.15 ) 0.13 (Loss)/Earnings attributable to common shareholders, basic (13,117 ) 2,289 Add: Dividends of Convertible preferred shares - 1,001 (Loss)/Earnings attributable to common shareholders, diluted (13,117 ) 3,290 Effect of dilutive securities: Series E Shares - 15,286,364 Weighted average common shares outstanding, diluted 2,132,179 33,079,436 (Loss)/Earnings per share, diluted (6.15 ) 0.10

Basis of Presentation and Gen_4

Basis of Presentation and General Information (Details)	6 Months Ended
	Jun. 30, 2023
Basis of Presentation and General Information [Abstract]
Ownership interest in subsidiaries	100%
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
Delivery date	2020-03
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
Delivery date	2020-03
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
Delivery date	2019-03
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
Delivery date	2019-04
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
Delivery date	2019-05
Roman Empire Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-02
Country of incorporation	1T
Vessel	M/T Eco West Coast
Delivery date	2021-03
Athenean Empire Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-02
Country of incorporation	1T
Vessel	M/T Eco Malibu
Delivery date	2021-05
Eco Oceano Ca Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-12
Country of incorporation	1T
Vessel	M/T Eco Oceano Ca
Delivery date	2022-03
Julius Caesar Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-05
Country of incorporation	1T
Vessel	M/T Julius Caesar
Delivery date	2022-01
Legio X Inc. [Member]
Basis of Presentation and General Information [Abstract]
Date of incorporation	2020-12
Country of incorporation	1T
Vessel	M/T Legio X Equestris
Delivery date	2022-03

Going Concern (Details)

Going Concern (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Going Concern [Abstract]
Working capital deficit	$ (44,468)
Cash and cash equivalents, including restricted cash	13,629	$ 18,267	$ 24,544	$ 6,370
Net income	5,774	8,605
Cash flow from operations	13,023	$ 13,947
Current portion of long term debt	(21,792)
Vessel fair value participation liability	(3,605)		0
Unearned revenue	$ (6,286)		$ (7,030)

Vessels, net (Details)

Vessels, net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accumulated Depreciation [Abstract]
Depreciation	$ (7,175)	$ (6,114)
Net Book Value [Abstract]
Beginning balance	418,272
Depreciation	(7,175)	$ (6,114)
Ending balance	406,482
Vessels [Member]
Vessel Cost [Abstract]
Beginning balance	409,264
Ending balance	409,264
Accumulated Depreciation [Abstract]
Beginning balance	(20,205)
Depreciation	(7,175)
Ending balance	(27,380)
Net Book Value [Abstract]
Beginning balance	389,059
Depreciation	(7,175)
Ending balance	$ 381,884

Transactions with Related Par_3

Transactions with Related Parties, Central Mare (Details) - Central Mare [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Transactions with Related Parties [Abstract]
Fees and expenses	$ 180	$ 164
Related Party [Member] | General and Administrative Expenses [Member]
Transactions with Related Parties [Abstract]
Executive officers and other personnel expenses	180	180
Related Party [Member] | Management Fees [Member]
Transactions with Related Parties [Abstract]
Amortization of awarded shares	$ 0	$ (16)

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, 2023	Jun. 30, 2022
Transactions with Related Parties [Abstract]
Fees and expenses	$ 1,613	$ 3,246
Related Party [Member] | Vessels, Net / Advances for Vessels Under Construction [Member]
Transactions with Related Parties [Abstract]
Management fees	0	61
Supervision services fees	0	14
Superintendent fees	0	129
Commission for sale and purchase of vessels	0	455
Newbuilding supervision related pass-through costs	0	236
Related Party [Member] | Current and Non-Current Portions of Long-term Debt [Member]
Transactions with Related Parties [Abstract]
Financing fees	0	312
Related Party [Member] | Management Fees - Related Parties [Member]
Transactions with Related Parties [Abstract]
Management fees	912	866
Accounting and reporting cost	180	180
Related Party [Member] | Vessel Operating Expenses [Member]
Transactions with Related Parties [Abstract]
Superintendent fees	7	13
Related Party [Member] | Gain from Vessel Sales [Member]
Transactions with Related Parties [Abstract]
Commission for sale and purchase of vessels	0	730
Related Party [Member] | Voyage Expenses [Member]
Transactions with Related Parties [Abstract]
Commission on charter hire agreements	$ 514	$ 486

Transactions With Related Par_5

Transactions With Related Parties, Family Trading Inc (Details) - Related Party [Member] - Family Trading [Member] - Series E Shares [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Transactions with Related Parties [Abstract]
Dividends declared	$ 1,001	$ 1,015
Dividends payable	$ 0		$ 0

Transactions with Related Par_6

Transactions with Related Parties, Africanus Inc (Details) - Related Party [Member] - Africanus [Member] - Series F Shares [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Transactions with Related Parties [Abstract]
Dividends declared	$ 2,484	$ 6,307
Dividends payable	$ 0		$ 0

Transactions With Related Par_7

Transactions With Related Parties, Central Tankers Chartering Inc (Details) - Related Party [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Transactions with Related Parties [Abstract]
Time charter revenues	$ 4,435	$ 2,786
Central Tankers Chartering [Member]
Transactions with Related Parties [Abstract]
Time charter revenues	4,435	$ 2,786
Due from related parties	$ 0

Leases, Future Minimum Time-Cha

Leases, Future Minimum Time-Charter Operating Lease Payments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Future Minimum Operating Lease Payments [Abstract]
Current portion of Operating lease liabilities	$ 8,795	$ 8,610
Non-current portion of Operating lease liabilities	10,847	$ 15,338
M/T Eco Bel Air and M/T Eco Beverly Hills [Member]
Future Minimum Operating Lease Payments [Abstract]
2023 (remainder)	5,152
2024	10,038
2025	6,777
Total	21,967
Less imputed interest	(2,325)
Total Lease Liability	19,642
Current portion of Operating lease liabilities	8,795
Non-current portion of Operating lease liabilities	$ 10,847
Average remaining lease term	29 months 6 days
Revenue generated from vessels	$ 8,688
Discount rate used to calculate present value of lease payments	6.72%
Cash paid for operating leases	$ 5,068

Leases, Future Minimum Time-C_2

Leases, Future Minimum Time-Charter Receipts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) Vessel
Future Minimum Time-charter Receipts [Abstract]
2023 (remaining)	$ 40,638
2024	66,674
2025	43,342
2026	34,428
2027 and thereafter	91,615
Total	$ 276,697
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, 2023	Dec. 31, 2022
Debt [Abstract]
Long term debt	$ 232,811	$ 240,625
Less: Deferred finance fees	(3,331)	(3,640)
Less: Debt discount relating to Vessel fair value participation liability (allocated to Current portion of long term debt)	(2,297)	(3,271)
Total long term debt net of deferred finance fees and debt discounts	227,183	233,714
Presented [Abstract]
Current portion of long term debt	34,874	12,344
Long term debt	192,309	221,370
Total Debt net of deferred finance fees	$ 227,183	233,714
2nd ABN Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco West Coast
Long term debt	$ 31,265	32,495
2nd Alpha Bank Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Malibu
Long term debt	$ 32,000	33,500
Cargill Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Marina Del Ray
Long term debt	$ 24,161	25,189
2nd CMBFL Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Julius Caesar and M/T Legio X Equestris
Long term debt	$ 101,252	103,952
2nd AVIC Facility [Member]
Debt [Abstract]
Vessel(s)	M/T Eco Oceano Ca
Long term debt	$ 44,133	$ 45,489

Debt, Cargill Facility (Details

Debt, Cargill Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
Vessel fair value participation liability	$ 0	$ 3,271
Cargill Facility [Member]
Debt Instruments [Abstract]
Vessel fair value participation liability		$ 3,271
Increase in vessel fair value participation liability	334
Amortization of debt discount	$ 1,308

Debt, 2nd Alpha Bank Facility (

Debt, 2nd Alpha Bank Facility (Details)	1 Months Ended
	Jun. 30, 2023
2nd Alpha Bank Facility [Member]
Debt Instrument [Abstract]
Basis spread on variable rate	5.13%

Debt, 2nd ABN Facility (Details

Debt, 2nd ABN Facility (Details)	Jun. 30, 2023
2nd ABN Facility [Member] | SOFR [Member]
Debt Instrument [Abstract]
Basis spread on variable rate	5.24%
2nd CMBFL Facility [Member] | LIBOR [Member]
Debt Instrument [Abstract]
Variable rate	5.39%
2nd AVIC Facility [Member] | LIBOR [Member]
Debt Instrument [Abstract]
Variable rate	5.51%

Common Stock, Additional Paid_2

Common Stock, Additional Paid-In Capital and Dividends, Issuance of Common Stock and Warrants (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Feb. 14, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Feb. 13, 2023 $ / shares
Issuance of Common Stock and Warrants [Abstract]
Expenses incurred related to offering | $		$ 1,260	$ 574
February 2023 Warrants [Member]
Issuance of Common Stock and Warrants [Abstract]
Number of warrants included in Unit (in shares) | shares	1
Term of warrant	5 years
Warrants exercised (in shares) | shares		0
Fair value (in dollars per share) | $ / shares	$ 0.79
Term of daily historical observations of share price		5 years
Percentage increase in fair value of warrants due to change in volatility		1.80%
February 2023 Warrants [Member] | Volatility [Member]
Issuance of Common Stock and Warrants [Abstract]
Measurement input		1.54
Percentage increase in volatility		5%
Class C Warrants [Member]
Issuance of Common Stock and Warrants [Abstract]
Exercise price (in dollars per share) | $ / shares	$ 1.35			$ 2
Incremental fair value of warrants | $	$ 121
Warrants exercised (in shares) | shares		6,000
February 2023 Registered Direct Offering [Member]
Issuance of Common Stock and Warrants [Abstract]
Units issued | $	$ 13,561
Units issued (in shares) | shares	10,045,185
Offering price (in dollars per share) | $ / shares	$ 1.35
Offering fees	6%
Proceeds from equity offering | $	$ 12,747
Expenses incurred related to offering | $	$ 163
Number of common shares included in Unit (in shares) | shares	1
February 2023 Registered Direct Offering [Member] | Class C Warrants [Member]
Issuance of Common Stock and Warrants [Abstract]
Minimum percentage of warrant holders in direct offering	80%

Common Stock, Additional Paid_3

Common Stock, Additional Paid-In Capital and Dividends, Class C Warrants (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Class C Warrants [Abstract]
Warrants exercised	$ 12	$ 0
Common shares issued after exercise of warrants (in shares)	6,000
Class C Warrants [Member]
Class C Warrants [Abstract]
Warrants exercised (in shares)	6,000
Warrants exercised	$ 12

Common Stock, Additional Paid_4

Common Stock, Additional Paid-In Capital and Dividends, Dividends (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Common Stock, Additional Paid-In Capital and Dividends [Abstract]
Dividends paid to common stock holders	$ 0	$ 0

(Loss)_Earnings Per Common Sh_3

(Loss)/Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
(Loss)/Earnings Per Common Share [Abstract]
Net Income	$ 5,774	$ 8,605
Less: Dividends of Preferred shares	(3,485)	(7,322)
Less: Deemed dividend equivalents on Series F Shares related to redemption value	0	(14,400)
Net (loss)/income attributable to common shareholders, basic	$ 2,289	$ (13,117)
Weighted average common shares outstanding, basic (in shares)	17,793,072	2,132,179
(Loss)/earnings per share, basic (in dollars per share)	$ 0.13	$ (6.15)
Add: Dividends of Convertible preferred shares	$ 1,001	$ 0
(Loss)/earnings attributable to common shareholders, diluted	$ 3,290	$ (13,117)
Effect of Dilutive Securities [Abstract]
Series E Shares (in shares)	15,286,364	0
Weighted average common shares outstanding, diluted (in shares)	33,079,436	2,132,179
(Loss)/Earnings per share, diluted (in dollars per share)	$ 0.1	$ (6.15)
Antidilutive securities excluded from computation of diluted loss per common share (in shares)		0
Dilutive shares of warrants (in shares)	0

Mezzanine Equity, Series E Pref

Mezzanine Equity, Series E Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Mezzanine Equity [Abstract]
Shares redeemed (in shares)	2,191,121
Temporary equity, shares outstanding (in shares)	3,673,079	5,864,200	7,213,452	13,452
Carrying value at maximum redemption amount	$ 60,058	$ 86,351
Series E Preferred Shares [Member]
Mezzanine Equity [Abstract]
Shares issued (in shares)	0
Shares redeemed (in shares)	0
Conversion price (in dollars per share)	$ 0.6
Temporary equity, shares outstanding (in shares)	13,452	13,452
Carrying value at maximum redemption amount	$ 16,142
Series E Preferred Shares [Member] | Family Trading Inc. [Member]
Mezzanine Equity [Abstract]
Common shares that would be issued upon conversion (in shares)	22,420,000

Mezzanine Equity, Series F Pref

Mezzanine Equity, Series F Preferred Shares (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Mezzanine Equity [Abstract]
Shares redeemed (in shares)	2,191,121
Carrying value at maximum redemption amount	$ 60,058	$ 86,351
Series F Preferred Shares [Member]
Mezzanine Equity [Abstract]
Shares issued (in shares)	0
Shares redeemed (in shares)	2,191,121
Shares redeemed	$ 26,293
Carrying value at maximum redemption amount	$ 43,916

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - M/T Eco West Coast and M/T Eco Malibu [Member] $ in Thousands	Jul. 06, 2023 USD ($)
Subsequent Events [Abstract]
Charter rate per day	$ 32,850
Minimum [Member]
Subsequent Events [Abstract]
Term of time charter	30 months
Maximum [Member]
Subsequent Events [Abstract]
Term of time charter	36 months