TOP Ships management commentary says H1 2026 revenue slide reflects Rubico spinoff and lease expirations cutting fleet days

• Management commentary: for the six months ended June 30, 2026, revenue fell 42% to USD 25.48 million; net income slipped to USD 6.48 million.
• Revenue decline tied mainly to the Rubico spin-off, removing two tankers, cutting operating days, reducing revenue by about USD 12 million.
• Lease expirations for two vessels further reduced operating days, lowering revenue by about USD 8.7 million; a charter amendment added a USD 0.3 million headwind.
• Higher daily rate on M/T Eco Oceano CA lifted revenue by about USD 1 million; M/Y Para Bellvm contributed about USD 1.6 million more.
• Costs fell with the smaller fleet: operating lease expense dropped to zero; other vessel operating expenses fell 40%; EBITDA declined to USD 17.2 million.

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