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Due Diligence Report: TOPS Hits April High: Stock Trending Higher
Summary:
Top Ships Inc., incorporated on January 10, 2000, is a provider of international seaborne transportation services, carrying petroleum products and crude oil for the oil industry. As of December 31, 2014, the Company’s fleet consisted of two chartered-in 50,000 deadweight tonnage (dwt) product or chemical tankers vessels and four new building vessels.
The Company’s four new building vessels include two 39,000 dwt product or chemical tankers and two 50,000 dwt product or chemical tankers. As of December 31, 2014, the Company’s chartered-in fleet consisted of Motor Tanker (M/T) Stenaweco Energy and M/T Stenaweco Evolution, and its new building vessels included Hull No S418, to be named (tbn) Ecofleet; Hull No S419, tbn Eco Revolution; Hull No S414, tbn Stenaweco Excellence, and Hull No S417, tbn Nord Valiant. Central Shipping Monaco SAM (CSM) is the Company’s Fleet Manager. CSM provides technical and commercial management services for its chartered-in fleet, and new building supervision services for its four new building vessels.
Top Ships Inc. has a current market capitalization of $11.55 M with 1.90 M outstanding shares. Its daily average volume traded is 14,753 shares.
Financial Highlights (Q4 2015):
Revenue: 4.70 M
Gross Profit: 4.58 M
Net Income: -5.36 M
Cash and Cash Equivalents: 0.20 M
Total Debt: Nil
Recent News and Analysis:
The company recently announced that the Company took delivery of the M/T Eco Revolution, a 39,000 dwt fuel efficient “ECO” MR product tanker, the fourth of six vessels under construction in the Company’s fleet. The remaining two vessels are scheduled for delivery in the second and third quarter of 2016.
Additionally, the company The Company’s Board of Directors has determined to effect a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders previously 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 annual general meeting on December 23, 2015. The reverse stock split will take effect, and the Company’s common stock will begin trading on a split-adjusted basis on the NASDAQ, as of the opening of trading on February, 22, 2016 under the existing trading symbol “TOPS.”
The stock increased 26.77% or $0.53 on April 19, hitting $2.53. About 177,702 shares traded hands or 1664.49% up from the average. TOP SHIPS Inc. (NASDAQ:TOPS) has declined 81.31% since September 11, 2015 and is downtrending. It has underperformed by 88.11% the S&P500.
Conclusions:
The seaborne transportation company Top Ships, Inc. (TOPS) is trading above average pricing and volume this week. The company made headlines in February when they announced that two more vessels were due for delivery this year. Top Ship’s primary vessel is a modern, fuel efficient tanker that primarily transports petroleum products and bulk liquid chemicals. The company has an excellent reputation in the industry for reliable and high-performing tankers. Furthermore, it is the only ECO tanker on the market. In July, the company raised $21 million in a public offering and with that money acquired two new tankers and made shipyard improvements. Top Ship is currently researching other sectors and looking into buying tankers in other areas which could offer opportunity. As of December 31, 2014, it operated a fleet of two chartered-in 50,000 dead weight tons product/chemical tankers vessels; an M/T Stenaweco Energy and M/T Stenaweco Evolution vessels; and four new building vessels. The company was formerly known as Top Tankers Inc. and changed its name to Top Ships Inc. in December 2007. Top Ships Inc. was founded in 2000 and is based in Maroussi, Greece.
Sources:
- http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=TOPS.O
- https://www.google.ca/finance?q=NASDAQ%3ATOPS&fstype=ii&hl=en&gl=ca&ei=–4XV_m8MoSe2AbWvIy4AQ
- http://finance.yahoo.com/q?s=TOPS&ql=0
- https://www.equities.com/news/top-ships-tops-trading-higher-this-week
- http://sonoranweeklyreview.com/top-ships-shares-surge-33-upon-resumption-of-trading-after-halt-due-to-volatility-nasdaqtops/
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