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1. Company Snapshot

1.a. Company Description

Top Ships Inc.owns and operates tanker vessels worldwide.The company's medium range tanker vessels transport crude oil, petroleum products, and bulk liquid chemicals.


As of December 31, 2020, it had a fleet with a total capacity of 1,435,000 deadweight tonnes (dwt) consisting of one 50,000 dwt product/chemical tanker, five 157,000 dwt Suezmax tankers, two 300,000 dwt very large crude carriers, and two 50,000 dwt product tankers.The company was formerly known as Top Tankers Inc.and changed its name to Top Ships Inc.


in December 2007.Top Ships Inc.was incorporated in 2000 and is based in Maroussi, Greece.

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1.b. Last Insights on TOPS

Negative drivers behind Top Ships Inc.'s recent performance include the company's inability to capitalize on the strong tanker market, as evident from the 36% increase in time charter rates. The lack of a consistent and robust revenue stream has likely impacted the company's financial performance. Furthermore, the recent news of oversold energy stocks may not have a direct impact on Top Ships Inc.'s performance, but it highlights the challenges the company faces in a competitive market.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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TOP Ships Announces Letter of Intent for Acquisition of Real Estate Assets in Dubai

Nov -28

Source: globenewswire.com

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Top Ships Inc. announces extension of Time Charter for its MR Tanker

Nov -20

Source: globenewswire.com

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Top Ships Inc. Announces Successful Completion of its Tanker Fleet Refinancing

Nov -17

Source: globenewswire.com

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AiM Future and Franklin Wireless Sign MOU to Jointly Develop Lightweight AI Model and High-Efficiency 1 TOPS AI SoC Chipset

Aug -28

Source: businesswire.com

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TOP Ships Announces Approval of Listing on the Nasdaq Capital Market for Spin-Off of Rubico Inc.

Jun -26

Source: globenewswire.com

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Top Ships: Rubico Spin-Off Provides Short-Term Opportunity

Jun -09

Source: seekingalpha.com

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TOP Ships Inc. Announces Ex-Distribution Date for Planned Spin-Off of Rubico, a New Nasdaq-Listed Suezmax Tanker Company

Jun -05

Source: globenewswire.com

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TOP Ships Inc. Announces Intention to Spin Off a New Nasdaq-Listed Suezmax Tanker Company

Jun -04

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.00%)

6. Segments

Oil, Petroleum Products and Chemicals Transportation Services

Expected Growth: 6.0%

Top Ships Inc.'s 6.0% growth in Oil, Petroleum Products and Chemicals Transportation Services is driven by increasing global demand for energy, rising crude oil production, and growing petrochemical consumption. Additionally, the company's strategic fleet expansion, improved operational efficiency, and favorable charter rates also contribute to the growth.

7. Detailed Products

Tanker Vessels

Top Ships Inc. operates a fleet of tanker vessels that transport crude oil, petroleum products, and other liquids worldwide.

Dry Bulk Vessels

The company operates a fleet of dry bulk vessels that transport dry bulk commodities such as iron ore, coal, and grains.

Container Vessels

Top Ships Inc. operates a fleet of container vessels that transport containerized cargo such as electronics, clothing, and machinery.

Ship Management Services

The company provides ship management services, including technical management, crew management, and commercial management.

Vessel Chartering

Top Ships Inc. offers vessel chartering services, providing vessels for short-term or long-term charter to customers.

8. Top Ships Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Top Ships Inc. is medium due to the availability of alternative transportation methods, but the company's specialized services and strong customer relationships mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Top Ships Inc. due to the company's strong market position and long-term contracts with customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Top Ships Inc. due to the company's dependence on a few key suppliers, but the company's large scale of operations and strong relationships with suppliers mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for Top Ships Inc. due to the high barriers to entry in the shipping industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for Top Ships Inc. due to the competitive nature of the shipping industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 58.12%
Debt Cost 8.31%
Equity Weight 41.88%
Equity Cost 12.23%
WACC 9.95%
Leverage 138.77%

11. Quality Control: Top Ships Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Solstad Offshore

A-Score: 5.0/10

Value: 7.5

Growth: 2.2

Quality: 9.1

Yield: 0.6

Momentum: 8.0

Volatility: 2.7

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KNOT Offshore Partners

A-Score: 4.6/10

Value: 8.9

Growth: 2.3

Quality: 4.9

Yield: 5.6

Momentum: 4.0

Volatility: 1.7

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Seanergy Maritime Holdings

A-Score: 4.5/10

Value: 7.8

Growth: 2.2

Quality: 3.8

Yield: 9.4

Momentum: 1.5

Volatility: 2.3

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Cadeler

A-Score: 4.0/10

Value: 7.3

Growth: 5.8

Quality: 5.9

Yield: 0.0

Momentum: 0.5

Volatility: 4.3

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Top Ships

A-Score: 2.8/10

Value: 9.6

Growth: 2.0

Quality: 4.4

Yield: 0.0

Momentum: 1.0

Volatility: 0.0

1-Year Total Return ->

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Globus Maritime

A-Score: 1.9/10

Value: 9.2

Growth: 1.3

Quality: 1.0

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.0$

Current Price

6$

Potential

-0.00%

Expected Cash-Flows