Top Ships reported a small profit for fiscal 2016 as the company increased its medium-range (MR) tanker fleet. But debt costs and a special dividend also ate into results.
The Nasdaq Capital Market-listed company reported net income of $1.1m for 2016, before a "deemed dividend" to holders of convertible preferred shares. Last year, Top Ships sold some $3m in Series B convertible preferred shares in a private placement.
