The Nasdaq-quoted company reported net income of $0.2m for the three months to 30 June, which is slightly lower than the $1.8m gain carded in the same leg of 2013.
Industry observers say they were caught off guard when they saw the result because all but one of the operator’s medium-range product tankers are still under construction.
They note Top Ships didn’t take delivery of the 49,700-dwt EShips Taweelah (built 2014) until 20 June, which is ten days before the close of the reporting period.
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