Top Ships --> stark unterbewertete Perle - 500 Beiträge pro Seite

[SOM.you.]

Top Ships





ist auf dem aktuellen Kursniveau ein klarer Kauf.

+ Top EBITDA
+ gute Chartercover
+ Hohe Tilgungen in 2010,2011 und 2012

Q4 Zahlen gibts am 11.03.2010

Stark unterbewertet zum NAV

Kurspotential auf 24 Monate : 500 %

http://www.topships.org/admin/files/files/TOP%20SHIPS%20INC%…

Besprechungskurs : US$ 1,10

Meinungen dazu ?

SOM

[MFC500]

aus dem Q3:

As of the date of this release, we have received waivers and signed amendments to our loan agreements with all five of our lending banks in relation to certain loan covenant breaches that have taken place since December 31, 2008. However, as of September 30, 2009, we were in breach of additional covenants with all of our banks, which have not been previously waived. These breaches relate to EBITDA, our overall cash position (minimum liquidity covenants), adjusted net worth and the asset value cover of our product tankers with certain banks. We expect that our lenders will not demand payment of our loans before their maturity, provided that we pay loan installments and accumulated or accrued interest as they fall due under the existing credit facilities.

Wie sieht denn der aktuelle Stand diesbezüglich aus?

Wie hoch sind die Tilgungen für 2010? Daß die Kasse Stand 30.09. "leer" war, ist dir wahrscheinlich bekannt.

[SOM.you.]

RE: Tilgungen

Man will in 2010 US$ 46,3 Mio, in 2011 33 Mio und in 2012 34,5 Mio
tilgen.

In 2009 sind die neuen MR Produktentanker abgeliefert worden und in 10 Jährige Bareboard Chartern gegangen.
Daher waren die Kassen leer.
Der Revenue kommt jetzt über die nächsten Jahre.

Am 25.03.2010 werden die beim International Shipping Forum präsentieren und am 12.03.2010 rechne ich mit guten, "cash flow positiven" Quartalszahlen.

Details zu der Finanzierung und der aktuellen Charter der Amalfi
erwarte ich in diesem Zusammenhang ebenfalls.

SOM

[MFC500]

TOP Ships Reports Fourth Quarter and Fiscal Year 2009 Financial Results
http://finance.yahoo.com/news/TOP-Ships-Reports-Fourth-iw-73…

[SOM.you.]

RE: TOPS

TOP Ships Reports Fourth Quarter and Fiscal Year 2009 Financial Results


2010-03-11 16:05 ET - News Release

ATHENS, GREECE -- (MARKET WIRE) -- 03/11/10


TOP Ships Inc. (NASDAQ: TOPS) today announced its financial results for the fourth quarter and the fiscal year ended December 31, 2009.

For the fourth quarter of 2009, the Company reported:


-- A net loss of $35.9 million or $1.20 per share. The results of the
fourth quarter of 2009 include an impairment charge of $36.6 million relating to the write-down of the older two of the Company's tanker
vessels to their fair market values. Excluding the impairment charge,
the net loss would have amounted to net income of $0.7 million, or
$0.02 per share.

-- An operating loss of $31.7 million. Excluding the impairment charge of
$36.6 million operating loss would have amounted to operating income of
$4.9 million

-- Revenues of $24.4 million.


For the year ended December 31, 2009, the Company reported:


-- A net loss of $50.2 million, or $1.78 per share. Excluding net
expenses of $12.2 million, relating to the termination of leases and
the impairment charge of $36.6 million, the net loss would have
amounted to $1.4 million, or $0.05 per share.

-- An operating loss of $34.2 million. Excluding net expenses of $12.2
million, relating to the termination of leases and the impairment
charge of $36.6 million, the operating loss would have amounted to
operating income of $14.6 million.

-- Revenues of $108.0 million.


Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

During 2009, we reached two very important milestones in the history of our company under a very tough financial environment for the global economy and the shipping industry:


-- We completed our newbuilding program by taking delivery of six product
tankers, from a well-established Korean yard, all of which we
immediately chartered out at fixed rates for periods that range between
7 and 10 years. These charters have been agreed on a bareboat basis,
which not only reduces our long-term market risk relating to the
vessels, but also eliminates our operational risk for that period.

-- We terminated the charters on the last five chartered-in vessels in our
fleet. These vessels were product tankers and their daily cost, taking
into account lease hire payments and operating expenses, was
significantly higher than the market rates that have been prevailing in
the product tanker segment.


We took an impairment charge during the fourth quarter, on our two older tankers in our fleet, due to the fact that their present time charters expire during the current year, and we expect that future charters will be at lower rates given the market conditions that have been prevailing in the product tanker segment.

I would also like to bring to everyone's attention, the impeccable utilization rates of the last quarter of 2009. We will do our best to maintain these rates going forward.


Kasse leer, aber positver Cashflow ohne Einmaleffekte, guter Start in 2010...Finanzierungen noch ungeklärt....hohe G&A Ausgaben

Puuh..die Strafzahlung für die alten Tanker war mit 36 Mio US$ sehr hoch und hat die Kassen komplett leer gezogen.
Der Ausblick für 2010 scheint aber unverändert gut zu sein.
Ohne diese Einameffekt wären wir Cashflow positiv gefahren und hätten auch einen Gewinn ausgewiesen.

Ebenfalls ist das Amalfi für gute US$ 14.000,- in Bareboat Charter bis Ende 2011 gegangen. Das entspricht einer Timecharter von rund US$ 20.000,- und ist für einen Handymax Bulker als gut anzusehen.

Im ersten Quartal 2010 wird allerdings der Produktentanker Dauntless aus der Timecharter gehen. Die US$ 16.250 wird nicht erreicht werden können, da der Spotmarkt aktuell bei US 10.-12.000 pro Tag liegt.

Unterm Strich werden die Mehreinnahmen der Amalfi die Mindereinnahmen der Dauntless ausgleichen. Ich rechne daher für Q1 mit einem ähnlich guten Ergebnis wie Q4 2009 allerdings ohne die negativen Einmaleffekte.

SOM

[SOM.you.]

RE: Top Ships

der Top Ships CFO hat auf der Capital Link Conference in New York
eine Präsentation gehalten und einige Zahlen noch einmal bestätigt.

Loan Repayments :
2010: 51
2011: 33
2012: 34

Dadurch sinkt das outstanding Debt auf :

2010: 354
2011: 321
2012: 287

Das NAV der Aktie steigt im gleichen Zeitraum von

2010: US$ 1,40
2011: US$ 2,40
2012: US$ 3,50

Die Zahlungsströme sind ziemlich fix, da der TC Chartercover hoch ist.

Top Ships bleibt daher sehr chancenreich, wobei sich die Unterbewertung erst in den nächsten 24 Monaten nachhaltig entwickeln wird.

SOM

[SOM.you.]

RE: Top Ships



leichter Kursanstieg auf US$ 1,23

SOM

[Schnuckelinchen]

Werde mir demnächst zur Abrundung meines vor einigen Monaten gestarteten Schiffsportfolio einen Pochette-Bestand von diesen Aktien kaufen. Die Historie dieses Ladens ist zwar desaströs, allerdings sehe ich längerfristig auch ein gewisses Potential nach oben. Gehört allerdings sicher in die Zocker-Liga.

Grüsse
schnucki

[Schnuckelinchen]

Wie ich gerade lesen musste schreibt der User MFC 500 hier auch zu diesem Wert. In diesem Fall nehme ziehe ich mein vorheriges Posting zurück und investiere woanders, wird sonst noch ein Griff ins...

Grüsse
Schnucki

[SOM.you.]

RE: Q1 Zahlen

das Ergebnis war wie erwartet gut, 3 cent Gewinn je Aktie, der Produktentanker konnte solide verchartert werden, mit upside Potential.
Im Prinzip muss nur noch der Bridge Loan mit der DVB verlängert werde, dann ist alles in trockenen Tüchern.
Das Darlehen konnte um 11 Mio US$ zurückgeführt werden.
Auf Jahressicht sollte eine Tilgung von 40 Mio möglich sein.
Damit ist man solide unterwegs, wenn die DVB mitspielt. :-)


TOP Ships Reports First Quarter 2010 Financial Results


2010-05-13 16:05 ET - News Release

ATHENS, GREECE -- (MARKET WIRE) -- 05/13/10


TOP Ships Inc. (NASDAQ: TOPS) today announced its financial results for the first quarter ended March 31, 2010.

For the first quarter of 2010, the Company reported:


-- Net income of $0.9 million or $0.03 per share.

-- Operating income of $5.5 million.

-- Revenues of $23.1 million.


Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

"We are happy to report a profitable first quarter, which is the result of the charters we signed in 2008 and our cost cutting efforts.

"In addition, during the first quarter we fixed the M/T Dauntless on a two-year time charter at a base rate of $10,500 per day, plus a 50/50 profit sharing arrangement with a first class charterer.

"Following this fixture, nearly 100% of our total remaining operating days of 2010 are under fixed employment. Looking further into the future, approximately 83% of total operating days of 2011 and 60% of total operating days of 2012 are under fixed employment.

"The total gross contracted revenue from all of our fixed rate contracts amounts to $345 million until the end of 2019."

SOM

[Schnuckelinchen]

Antwort auf Beitrag Nr.: 39.403.347 von Schnuckelinchen am 26.04.10 19:05:52

Egal wo MCF5-000 dabei ist, es ist immer ein Griff ins Klo

[SOM.you.]

RE: TOPS

Die Finanzierung scheint gesichert.
Ich rechne morgen mit einem Quartalsgewinn.

TOP Ships Inc. Announces Waiver From Emporiki Bank
2010-07-28 09:00 ET - News Release


ATHENS, GREECE -- (MARKET WIRE) -- 07/28/10


TOP Ships Inc. (NASDAQ: TOPS), an international provider of worldwide seaborne crude oil, petroleum products, and drybulk transportation services, announced today that it has obtained a waiver from Emporiki Bank until June 30, 2011 in relation to the breach of certain financial covenants under the Emporiki credit facility.
About TOP Ships Inc.

TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services. The Company operates a combined tanker and drybulk fleet as follows:

A fleet of eight double-hull Handymax tankers and an average age of 3.3 years with a total carrying capacity of approximately 0.4 million dwt, of which 76%, in terms of dwt, are sister ships. Two of the Company's Handymaxes are on time charter contracts with an average term of 12 months with both of the time charters including profit sharing agreements above their base rates. Six of the Company's Handymax tankers are fixed on a bareboat charter basis with an average term of 7.7 years.
A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt and an average age of 9.2 years, of which 47%, in terms of dwt, are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 17 months.

SOM

[SOM.you.]

RE: TOPS

im Rahmen der Erwartungen.
Die Kosten für die 10 Jahresdockung haben das Ergebnis leicht negativ gemacht.
Als erfreulich kann man die neue 3 Jahrescharter für den Panamax Bulker Cyclades sehen.
20.000 pro Tag ist gut und wird die Einnahmen weiter stabilisieren.
Im ersten Halbjahr wurden 20 Mio an Krediten zurückgezahlt, auf Jahressicht kann mann
sicherlich US$ 40 Mio an Repayments darstellen.

Ich meine : die sollten den turn around geschafft haben.

TOP Ships Reports Second Quarter and First Half 2010 Financial Results
Ticker Symbol: U:TOPS

-- () --
http://at.marketwire.com/accesstracking/AccessTrackingLogSer…

TOP Ships Inc. (NASDAQ: TOPS) today announced its financial results for the second quarter and first half of 2010.

For the three months ended June 30, 2010, the Company reported:

-- Net loss of $1.8 million or $0.06 per share.

-- Operating income of $4.1 million.

-- Revenues of $21.8 million.

For the six months ended June 30, 2010, the Company reported:

-- Net loss of $0.9 million or $0.03 per share.

-- Operating income of $9.5 million.

-- Revenues of $44.9 million.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

We are pleased to report a positive operating income for the second quarter and the first six months of 2010 which is a result of our committed charter portfolio. Net profit would have been marginally positive for the second quarter and $1.8 million for the first six months of 2010, respectively, before drydocking costs.

We are also pleased to report that we expect to complete an agreement with DVB Bank to restructure the bridge loan which was due to be repaid on July 30, 2010. We expect that the agreement will involve a partial repayment and new maturity date. We believe that our relationship with DVB Bank remains excellent.

The visibility of our cash flows has been further enhanced following our entry into a 3-year time charter contract for the M/V Cyclades with a well-established charterer at a daily rate of $20,000. The charter will commence upon redelivery of the vessel from its present charterer.

The following indicators serve to highlight the operational performance of the Company's current fleet during the three-month and six-month periods ended June 30, 2009 and 2010:

CURRENT FLEET FIGURES
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2009 2010 2009 2010
-------- -------- -------- --------
Total number of vessels 12 13 12 13
-------- -------- -------- --------
Total calendar days for fleet (1) 1,040 1,183 1,767 2,353
-------- -------- -------- --------
Total available days for fleet (2) 1,013 1,151 1,703 2,303
-------- -------- -------- --------
Total operating days for fleet (3) 995 1,149 1,674 2,301
-------- -------- -------- --------
Fleet utilization (4) 98.21% 99.82% 98.33% 99.88%
-------- -------- -------- --------

(1) We define calendar days as the total days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet over the relevant period and affect both the amount of revenues and expenses that we record during that period.

(2) We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or scheduled guarantee inspections in the case of newbuildings, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. We determined to use available days as a performance metric for the first time in the second quarter and first half of 2009. We have determined to adjust the calculation method of utilization to include available days in order to be comparable with shipping companies that calculate utilization using operating days divided by available days.

(3) We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which the vessels actually generate revenues.

(4) We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of newbuildings, vessel upgrades, special or intermediate surveys and vessel positioning. We used a new calculation method for fleet utilization for the first time in the second quarter and first half of 2009. In all prior filings and reports, utilization was calculated by dividing operating days by calendar days. We have determined to adjust the calculation method in order to be comparable with most shipping companies, which calculate utilization using operating days divided by available days.

The following table presents the Company's current fleet and employment profile:

Daily Profit
Year Base Sharing
Dwt Built Charter Type Expiry Rate Base Rate
------- ---- ------------ --------- -------- -----------
Eight Tanker
Vessels
Dauntless 46,168 1999 Time Charter Q1/2012 $10,500 50%
Ioannis P 46,346 2003 Time Charter Q4/2010 $18,000 100% first
$1,000+ 50%
thereafter
Bareboat
Miss Marilena 50,000 2009 Charter Q1-2/2019 $14,400 None
Bareboat
Lichtenstein 50,000 2009 Charter Q1-2/2019 $14,550 None
Bareboat
Ionian Wave 50,000 2009 Charter Q1-2/2016 $14,300A None
Bareboat
Tyrrhenian Wave 50,000 2009 Charter Q1-2/2016 $14,300A None
Bareboat
Britto 50,000 2009 Charter Q1-2/2019 $14,550 None
Bareboat
Hongbo 50,000 2009 Charter Q1-2/2019 $14,550 None

Total Tanker dwt 392,514

Five Drybulk
Vessels

Cyclades 75,681 2000 Time Charter Q2/2011 $54,250
Subsequent charter Time Charter Q2/2014 $20,000 None
Amalfi 45,526 2000 Time Charter Q4/2011- $14,000 None
Q1/2012
Papillon (ex Voc 51,200 2002 Bareboat Q1-3/2012 $24,000 None
Gallant) Charter
Pepito 75,928 2001 Time Charter Q1-2/2013 $41,000 None
Astrale 75,933 2000 Time Charter Q3-4/2011 $18,000 None

Total Drybulk
dwt 324,268

TOTAL DWT 716,782

A. On January 11, 2010 we announced that we had received from the bareboat charterer of the M/T Ionian Wave and the M/T Tyrrhenian Wave, a reduced charter hire rate of $10,000 per day, rather than the $14,300 per day on a bareboat basis that is set forth in the charter agreement. We have been examining this unilateral reduction and intend to take all necessary steps to recover the amounts owed since the said charterer is considered to be in breach of the charter.

Outstanding Indebtedness

As of June 30, 2010, we had total indebtedness under senior secured and unsecured credit facilities with our lenders of $383.9 million (excluding unamortized deferred financing fees of $4.1 million) with maturity dates from 2010 through 2019.

We expect to complete an agreement with DVB Bank in relation to restructuring the DVB bridge loan which was due to be repaid on July 30, 2010.

As of June 30, 2010, we had no non-restricted cash.

Loan Covenants and Discussions with Banks

As of June 30, 2010, we were in breach of loan covenants relating to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), overall cash position (minimum liquidity covenants), adjusted net worth, net asset value and asset cover with certain banks. As a result of these covenant breaches with certain banks, we have classified all of our debt and financial instruments as current. The amount of long-term debt and financial instruments that have been reclassified and presented together with current liabilities amounts to $333.7 million and $10.3 million, respectively.

We have been in discussions with all of our banks in relation to these covenant breaches as well as covenant breaches previously waived, for which waiver periods expired as of the end of the first quarter.

We have obtained waivers from Emporiki Bank for all covenant breaches until June 30, 2011.

SOM

[Schnuckelinchen]

Der Abschied naht

PRESS RELEASE: TOP Ships Inc. Announces Receipt of Nasdaq Notice
13.08.10 21:05:00- DJPN

TOP Ships Inc. Announces Receipt of Nasdaq Notice



ATHENS, GREECE -- (MARKETWIRE) -- 08/13/10 --

TOP Ships Inc. (NASDAQ: TOPS), an international provider of worldwide seaborne
crude oil, petroleum products, and drybulk transportation services, announced
today that it has received written notification from The Nasdaq Stock Market
("Nasdaq") dated August 12, 2010, indicating that because the closing bid price
of the Company's common stock for the previous 30 consecutive business days was
below the minimum $1.00 per share bid price requirement for continued listing
on the Nasdaq Global Market, the Company is not in compliance with Nasdaq
Listing Rule 5450(a)(1). The applicable grace period to regain compliance is
180 days.

This notification has no effect on the listing of the Company's common stock
at this time.

The Company intends to monitor the closing bid price of its common stock
between now and February 8, 2011 and is considering its options in order to
regain compliance with the Nasdaq Global Market minimum bid price requirement.


About TOP Ships Inc.

TOP Ships Inc., formerly known as TOP Tankers Inc., is an international
provider of worldwide seaborne crude oil and petroleum products and drybulk
transportation services. The Company operates a combined tanker and drybulk
fleet as follows:

-- A fleet of eight double-hull Handymax tankers and an average age of

3.4 years with a total carrying capacity of approximately 0.4 million

dwt, of which 76%, in terms of dwt, are sister ships. Two of the

Company's Handymaxes are on time charter contracts with an average

term of 11 months with both of the time charters including profit

sharing agreements above their base rates. Six of the Company's

Handymax tankers are fixed on a bareboat charter basis with an average

term of 7.7 years.





-- A fleet of five drybulk vessels with a total carrying capacity of

approximately 0.3 million dwt and an average age of 9.3 years, of

which 47%, in terms of dwt, are sister ships. All of the Company's

drybulk vessels have fixed rate employment contracts for an average

period of 24 months.

[SOM.you.]

TOP Ships Reports Third Quarter and Nine Months Ended September 30, 2010 Financial Results
Ticker Symbol: U:TOPS


TOP Ships Reports Third Quarter and Nine Months Ended September 30, 2010 Financial Results
PR Newswire

ATHENS, Greece, Nov. 18, 2010

ATHENS, Greece, Nov. 18, 2010 /PRNewswire-FirstCall/ -- TOP Ships Inc. (Nasdaq: TOPS) today announced its financial results for the third quarter and nine months ended September 30, 2010.

For the three months ended September 30, 2010, the Company reported:

Net income of $1.1 million or $0.03 per share. �
Operating income of $6.6 million. �
Revenues of $23.3 million.


For the nine months ended September 30, 2010, the Company reported:

Net income of $0.2 million or $0.01 per share.
Operating income of $16.1 million.
Revenues of $68.3 million.


Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

"We are happy to report one more profitable quarter in 2010, which is the result of a combination of a strong charter portfolio together with the implementation of our cost cutting initiatives.
We are also happy to report that we have concluded the sale of M/T Dauntless for $20 million. The sale has resulted in a gain of approximately $5 million, which will be included in the results of the fourth quarter."

Der Verkauf kam sicherlich auf Druck der Banken, wird aber die Bilanz entlasten.
Ich bin ganz zuversichtlich, daß TOPS den Turn around schafft.

SOM

[Sven-23]

hey ich bin endlich wieder im Plus, die letzten Tage geht es stark richtung Norden, ob das so weiter geht

[IhnenGegenueber]

Wie bewertet Ihr den Annual Report? Glaubt Ihr die kriegen noch die Kurve?

[zwitscherton]

Antwort auf Beitrag Nr.: 41.368.914 von IhnenGegenueber am 14.04.11 17:07:28

TOP Ships announces reverse stock split to be effective June 24

On Thursday June 23, 2011, 8:40 am EDT

TOP Ships announced that its board has determined to effect a 1-for-10 reverse stock split of the company's common stock. The company's shareholders approved the reverse stock split and granted the board the authority to determine the exact split ratio and proceed with the reverse stock split at the company's 2010 annual general meeting of shareholders held on September 30, 2010. The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the Nasdaq Global Select Market, as of the opening of trading on Friday, June 24. Beginning on that date, the company's shares will trade for 20 trading days under the symbol "TOPSD" to indicate that the reverse stock split has occurred. Thereafter, the company's symbol will revert to its original symbol "TOPS." A new CUSIP number will be assigned to the company's common stock when the reverse stock split becomes effective.

http://finance.yahoo.com/news/TOP-Ships-announces-reverse-th…