6-K/A

UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2018

Commission File Number 001-37889

TOP SHIPS INC.

(Translation of registrant's name into English)

1 VAS. SOFIAS & MEG.

ALEXANDROU STREET

151 24, MAROUSSI

ATHENS, GREECE

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

EXPLANATORY NOTE

TOP Ships Inc. (the "Company") amends its report on Form 6-K furnished to the U.S. Securities and Exchange Commission (the "Commission") on October 23, 2018 (the "Form 6-K") solely to include the Interactive Data File with respect to the unaudited condensed consolidated financial statements included in the Form 6-K.

Except as expressly set forth above, this amendment to the Form 6-K does not amend, update or restate the information furnished on the Form 6-K or reflect any events that have occurred since the Form 6-K was originally filed.

The information contained in this report on Form 6-K/A is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-215577) that was filed with the SEC and became effective on February 1, 2017.

Exhibit Number	Description
101.INS	XBRL Instance Document
101.SCH	XBRL Schema Document
101.CAL	XBRL Calculation Linkbase Document
101.DEF	XBRL Definition Linkbase Document
101.LAB	XBRL Label Linkbase Document
101.PRE	XBRL Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TOP SHIPS INC.
	(Registrant)
Dated:  October 23, 2018	By: /s/Evangelos J. Pistiolis
	Name: Evangelos J. Pistiolis Title: Chief Executive Officer

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2018
Document Information [Line Items]
Entity Registrant Name	TOP SHIPS INC.
Entity Central Index Key	0001296484
Trading Symbol	tops
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 584	$ 24,081
Trade accounts receivable	638	621
Prepayments and other	602	428
Inventories	570	645
Prepaid bareboat charter hire	1,656	1,656
Deferred charges		341
Restricted cash	1,326	1,283
Total current assets	5,376	29,055
FIXED ASSETS:
Advances for vessels under construction (Note 4(a))	27,763	6,757
Vessels, net (Note 4(b))	151,933	154,935
Other fixed assets, net	982	1,042
Total fixed assets	180,678	162,734
OTHER NON CURRENT ASSETS:
Prepaid bareboat charter hire	4,450	5,278
Restricted cash	5,407	5,249
Investments in unconsolidated joint ventures (Note 12)	21,617	17,738
Derivative financial instruments (Note 11)	1,760	394
Total non-current assets	33,234	28,659
Total assets	219,288	220,448
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	9,126	9,508
Short-term debt (Note 7)	16,294	10,183
Due to related parties (Note 5)	3,850	120
Accounts payable	3,423	2,799
Accrued liabilities	2,386	1,985
Unearned revenue	521	986
Total current liabilities	35,600	25,581
NON-CURRENT LIABILITIES:
Derivative financial instruments (Note 11)	4,491	3,335
Debt from related parties (Note 7)	920
Non-current portion of long term debt (Note 7)	79,606	84,258
Total non-current liabilities	85,017	87,593
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	120,617	113,174
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2017 and June 30, 2018	1	1
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 8,923,617 and 19,227,962 shares issued and outstanding at December 31, 2017 and June 30, 2018(Note 9)	192	89
Additional paid-in capital	401,747	402,644
Accumulated deficit	(303,269)	(296,645)
Total stockholders’ equity	98,671	106,089
Non-controlling Interests		1,185
Total equity	98,671	107,274
Total liabilities and stockholders’ equity	$ 219,288	$ 220,448

XML

Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	19,227,962	8,923,617
Common stock, shares outstanding (in shares)	19,227,962	8,923,617
Series D Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	100,000	100,000

XML

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
REVENUES:
Revenues	$ 19,683	$ 18,982
EXPENSES:
Voyage expenses	492	496
Bareboat charter hire expenses	3,115	3,115
Amortization of prepaid bareboat charter hire	828	829
Other vessel operating expenses	7,135	6,596
Vessel depreciation (Note 4(b))	3,002	2,790
Management fees-related parties (Note 5)	4,254	3,126
Other operating gain, net		(914)
General and administrative expenses	4,358	3,502
Operating loss	(3,501)	(558)
OTHER INCOME (EXPENSES):
Interest and finance costs (including $143 and $361, respectively to related party)	(3,350)	(7,457)
Gain on financial instruments, net (Note 11)	130	1,057
Debt forgiveness		1,118
Interest income	98
Other, net		2
Total other loss, net	(3,122)	(5,280)
Net loss and comprehensive loss	(6,623)	(5,838)
Equity gains in unconsolidated joint ventures	4
Net loss attributable to common shareholders	(6,619)	(5,838)
Common stock holders	(6,624)	(5,847)
Non-controlling interests	$ 5	$ 9
Loss per common share, basic and diluted (Note 10) (in dollars per share)	$ (0.42)	$ (10,422.45)
Weighted average common shares outstanding, basic and diluted (in shares)	15,620,543	561

XML

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Interest and finance costs, related party	$ 361	$ 143

XML

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Common Stock [Member] Crede [Member]	[1]	Common Stock [Member] Maxim [Member]	[1]	Common Stock [Member] Series C Convertible Preferred Stock [Member]		Common Stock [Member] Series B Convertible Preferred Stock [Member]		Common Stock [Member] Series D Convertible Preferred Stock [Member]	[1]	Common Stock [Member]		Preferred Stock [Member] Maxim [Member]	Preferred Stock [Member] Series D Convertible Preferred Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member] Crede [Member]	[1]	Additional Paid-in Capital [Member] Maxim [Member]	[1]	Additional Paid-in Capital [Member] Series C Convertible Preferred Stock [Member]	[1]	Additional Paid-in Capital [Member] Series B Convertible Preferred Stock [Member]	[1]	Additional Paid-in Capital [Member] Series D Convertible Preferred Stock [Member]	[1]	Additional Paid-in Capital [Member]		Retained Earnings [Member] Maxim [Member]	Retained Earnings [Member] Series D Convertible Preferred Stock [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member] Maxim [Member]	Noncontrolling Interest [Member] Series D Convertible Preferred Stock [Member]	Noncontrolling Interest [Member]	Crede [Member]	Maxim [Member]	Series C Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series D Convertible Preferred Stock [Member]	Total
Balance (in shares) at Dec. 31, 2016	[1]											31
Balance at Dec. 31, 2016																											$ 328,762	[1]			$ (283,241)									$ 45,521
Net (loss)/income													[1]															[1]			(5,847)			$ 9						(5,838)
Issuance of common stock pursuant to convertible related party loans (in shares)	[1]											4
Issuance of common stock pursuant to convertible related party loans																											2,040	[1]												2,040
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) (in shares)												3,485	[1]		100,000
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11)													[1]												$ 1		28,623	[1]											$ 1	28,623
Issuance of common stock pursuant to Series C convertible preferred shares conversions (in shares)	[1]					10,839		39
Issuance of common stock pursuant to Series C convertible preferred shares conversions							[1]		[1]												$ 3,153		$ 1,372														$ 3,153	$ 1,372
Series C convertible preferred stock's beneficial conversion feature																					7,500																7,500
Issuance of common stock due to exercise of warrants (in shares)	[1]											2
Issuance of common stock due to exercise of warrants																											487	[1]												487
Stock-based compensation																											(8)	[1]												(8)
Excess of consideration over acquired assets																											(9,309)	[1]												(9,309)
Issuance of common stock pursuant to Series B convertible preferred stock conversions reflected in Mezzanine equity							[1]		[1]												$ 3,153		$ 1,372														$ 3,153	$ 1,372
Additional paid-in capital attributed to non-controlling interests																											(1,124)	[1]						1,124
Balance (in shares) at Jun. 30, 2017												14,400	[1]			100,000
Balance at Jun. 30, 2017																											361,497	[1]			(289,088)			1,133						73,542
Balance (in shares) at Dec. 31, 2017												8,923,617	[1]			100,000
Balance at Dec. 31, 2017												$ 89	[1]			$ 1											402,644	[1]			(296,645)			1,185						107,274
Net (loss)/income													[1]															[1]			(6,624)			5						(6,619)
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) (in shares)		8,050,000		2,254,348
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11)		$ 81		$ 23													$ 14,709		$ 2,341																$ 14,790	$ 2,364
Stock-based compensation																											(17)	[1]												(17)
Excess of consideration over acquired assets													[1]														(22,260)	[1]												(22,260)
Balance (in shares) at Jun. 30, 2018												19,227,962				100,000
Stock-based compensation (in shares)	[1]
Family Trading facility beneficial conversion feature (Note 7)																											4,330	[1]												4,330
Purchase of 10% of M/T Stenaweco Elegance (Note 1)																																		(1,190)						(1,190)
Cancellation of fractional shares due to reverse stock splits												$ (1)																[1]												(1)
Cancellation of fractional shares due to reverse stock splits (in shares)	[1]											(3)
Balance at Jun. 30, 2018												$ 192				$ 1																								$ 98,671

[1] Adjusted to reflect the reverse stock splits effected in March 2018 (see Note 9)

XML

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net Cash (used in)/ provided by Operating Activities	$ 597	$ (1,206)
Cash Flows from Investing Activities:
Advances for vessels under construction	(20,591)
Vessel acquisitions (Note 4)		(43,755)
Purchase of 10% of M/T Stenaweco Elegance (Note 1)	(1,190)
Investments in unconsolidated joint ventures (Note 12)	(3,820)	(11,200)
Net Cash used in Investing Activities	(25,601)	(54,955)
Cash Flows from Financing Activities:
Proceeds from debt (Note 7)	9,184	23,350
Proceeds from short-term Notes (Note 7)	11,769	34,200
Proceeds from related party debt (Note 7)	5,280	2,958
Principal payments of debt (Note 7)	(5,010)	(4,560)
Prepayment of related party debt		(4,085)
Consideration paid in excess of purchase price over book value of vessels (Note 1)	(21,397)
Proceeds from warrant exercises		513
Proceeds from equity offerings	2,531
Equity offerings costs	(71)	(409)
Payment of financing costs	(578)	(949)
Net Cash provided by Financing Activities	1,708	58,518
Net increase/(decrease) in cash and cash equivalents and restricted cash	(23,296)	2,357
Cash and cash equivalents and restricted cash at beginning of year	30,613	5,594
Cash and cash equivalents and restricted cash at end of the period	7,317	7,951
Cash and cash equivalents	584	1,589
Restricted cash, current	1,326	1,270
Restricted cash, non-current	5,407	5,092
SUPPLEMENTAL CASH FLOW INFORMATION
Capital expenditures included in Accounts payable/Accrued liabilities	448	367
Consideration for purchase of net assets included in Due to related parties	863
Interest paid net of capitalized interest	2,557	2,303
Finance fees included in Accounts payable/Accrued liabilities	55	3
Offering expenses included in liabilities	152	719
Equity Offering of Common Stock to Settle Notes [Member]
SUPPLEMENTAL CASH FLOW INFORMATION
Shares issued in exchange for converting debt, interest & finance fees	14,810	29,306
Stock Issued in Exchange for Converting Debt, Interest & Finance Fees [Member]
SUPPLEMENTAL CASH FLOW INFORMATION
Shares issued in exchange for converting debt, interest & finance fees		4,238
Series C Convertible Preferred Stock [Member]
Cash Flows from Financing Activities:
Proceeds from issuance of Series C convertible preferred stock		$ 7,500

XML

Note 1 - Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Basis of Presentation and General Information:

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on

January 10, 2000,

under the laws of Marshall Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in

May 2004

and

December 2007,

respectively. The Company is an international provider of worldwide oil, petroleum products and bulk liquid chemicals transportation services.

As of

June 30, 2018,

the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is

not

exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these consolidated financial statements as well as intermediary companies that are

100%

subsidiaries of the Company that own shipowning companies.

Companies	Date of Incorporation	Country of Incorporation	Activity
Top Tanker Management Inc.	May 2004	Marshall Islands	Management company

	Wholly owned Shipowning Companies with vessels in operation during six months ended June 30, 2018	Date of Incorporation	Country of Incorporation	Vessel
1	Monte Carlo 71 Shipping Company Limited	June 2014	Marshall Islands	M/T Stenaweco Energy (acquired June 2014), sold January 2015
2	Monte Carlo One Shipping Company Ltd	June 2012	Marshall Islands	M/T Stenaweco Evolution (acquired March 2014), sold March 2015
3	Monte Carlo Seven Shipping Company Limited	April   2013	Marshall Islands	M/T Stenaweco Excellence (acquired March 2014)
4	Monte Carlo Lax Shipping Company Limited	May   2013	Marshall Islands	M/T Nord Valiant (acquired March 2014)
5	Monte Carlo 37 Shipping Company Limited	September 2013	Marshall Islands	M/T Eco Fleet (acquired March 2014)
6	Monte Carlo 39 Shipping Company Limited	December 2013	Marshall Islands	M/T Eco Revolution (acquired March 2014 )
7	Eco Seven Inc.	February 2017	Marshall Islands	M/T Stenaweco Elegance (acquired February, 2017)

	Wholly owned Shipowning Companies with vessels under construction  during six months ended June 30, 2018	Date of Incorporation	Country of Incorporation	Vessel
8	Astarte International Inc.	April 2017	Marshall Islands	M/T Eco Palm Desert (contract acquired April 2017)
9	PCH77 Shipping Company Limited	September 2017	Marshall Islands	M/T Eco California (contract acquired November 2017)
10	PCH Dreaming Inc.	January 2018	Marshall Islands	M/T Eco Marina Del Ray (contract acquired January 2018)
11	South California Inc.	January 2018	Marshall Islands	M/T Eco Bel Air (contract acquired January 2018)
12	Malibu Warrior Inc.	January 2018	Marshall Islands	M/T Eco Beverly Hills (contract acquired January 2018)

As of

June 30, 2018,

the Company was the owner of

50%

of outstanding shares of the following companies.

	Shipowning Companies	Date of Incorporation	Country of Incorporation	Vessel
1	City of Athens Inc.	November 2016	Marshall Islands	M/T Eco Holmby Hills (acquired June, 2017)
2	Eco Nine Inc.	March 2015	Marshall Islands	M/T Eco Palm Springs (acquired June, 2017)

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do

not

include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form

20

-F for the fiscal year ended

December 

31,

2017,

filed with the U.S. Securities and Exchange Commission (the “SEC”) on

March 29, 2018.

These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the

six

month period ended

June 30, 2018

are

not

necessarily indicative of the results that might be expected for the fiscal year ending

December 

31,

2018.

On

January 31, 2018

the Company acquired:

a. 100%  of the issued and outstanding shares of PCH Dreaming Inc., a Marshall Islands company that has entered into a new building contract for a high specification 50,000 dwt Medium Range (“MR”) product/chemical tanker ( M/T Eco Marina Del Ray or Hull No 8242 ) under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea and scheduled for delivery during March 2019. The Company has acquired the shares from an entity affiliated with the Company’s Chief Executive Officer, for an aggregate purchase price of $3,950. The transaction specified that Following its delivery, the vessel was going to enter into a time charter with an entity affiliated with the seller for a firm duration of one year at a gross daily rate of $16, with a charterer’s option to extend for two additional years at $17 and $18, respectively. In June 2018 the company cancelled without penalty the abovementioned time charter and entered into a new 5 year time charter with Cargill International SA (“Cargill”) at a gross daily rate of $15.1.

b. 100% of the issued and outstanding shares of South California Inc., a Marshall Islands company that has entered into a new building contract for a high specification, scrubber-equipped, 157,000 dwt Suezmax Crude Oil Carrier ( M/T Eco Bel Air or Hull No 874 ) under construction at Hyundai Samho Heavy Industries Co. Ltd. in South Korea and scheduled for delivery during April 2019. The Company has acquired the shares from an entity affiliated with the Company’s Chief Executive Officer for an aggregate purchase price of $8,950. The transaction specified that Following its delivery, the vessel was going to enter into a time charter with an entity affiliated with the Seller for a firm duration of one year at a gross daily rate of $25, with a charterer’s option to extend for two additional years at $26 and $27, respectively. In June the company cancelled without penalty the abovementioned time charter and entered into a new 3 year time charter with BP Shipping Limited at a gross daily rate of $25, with a charterer’s option to extend for two additional years at $28 and $29.5, respectively.

c. 100% of the issued outstanding shares of Malibu Warrior Inc., a Marshall Islands company that has entered into a new building contract for a high specification, scrubber-equipped, 157,000 dwt Suezmax Crude Oil Carrier ( M/T Beverly Hills or Hull No 875 ) under construction at Hyundai Samho Heavy Industries Co. Ltd. in South Korea and scheduled for delivery during May 2019. The Company has acquired the shares from an entity affiliated with the Company’s Chief Executive Officer for an aggregate purchase price of $8,950. The transaction specified that Following its delivery, the vessel was going to enter into a time charter with an entity affiliated with the Seller for a firm duration of one year at a gross daily rate of $25, with a charterer’s option to extend for two additional years at $26 and $27, respectively. In June 2018 the company cancelled without penalty the abovementioned time charter and entered into a new 3 year time charter with BP Shipping Limited at a gross daily rate of $25, with a charterer’s option to extend for two additional years at $28 and $29.5, respectively.

d. 10% of the issued and outstanding shares of Eco Seven Inc., a Marshall Islands company that owns M/T Stena Elegance, a high specification 50,000 dwt MR product/chemical tanker delivered in February 2017 at Hyundai Vinashin. The Company has acquired the shares from an entity affiliated with the Company’s Chief Executive Officer for an aggregate purchase price of $1,600. As a result of the transaction the Company owns 100% of the issued and outstanding shares of Eco Seven Inc.

Each of the acquisitions was approved by a special committee of the Company’s board of directors, (the "Transaction Committee"), of which all of the directors were independent. The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer.

The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company’s additional paid in capital and presented as Excess of consideration over the carrying value of acquired assets in the Company’s consolidated statement of stockholders' equity for the

six

months ended

June 30, 2018.

An analysis of the consideration paid is presented in the table below:

Consideration in cash	23,450
Less: Carrying value of Net assets of companies acquired	1,190
Excess of consideration over acquired assets	22,260

XML

Note 2 - Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2. Significant Accounting Policies:

A discussion of the Company's significant accounting policies can be found in the Company's annual financial statements for the fiscal year ended

December 31, 2017

which have been filed with the US Securities and Exchange Commission on Form

20

-F on

March 29, 2018.

There have been

no

changes to these policies in the

six

-month period ended

June 30, 2018.

During the

six

-month period ended

June 30, 2018,

the Company adopted the following Accounting Standard Updates (“ASU”):

ASU

2014

-

09

Revenue from Contracts with Customers:

On

May 28, 2014,

the FASB issued the ASU

No

2014

-

09

Revenue from Contracts with Customers. ASU

2014

-

09,

as amended, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company elected to use the modified retrospective transition method for the implementation of this standard. The implementation of this standard did

not

have a material impact on the financial statements since the Company's revenues are generated from long term charters which are subject to ASU

2016

-

02.

ASU

No.

2016

-

02,

Leases:

In

February 2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842

). This ASU requires that lessees recognize assets and liabilities for leases with lease terms greater than

twelve

months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The amendments are effective for fiscal years beginning after

December 15, 2018.

The Company has preliminarily evaluated the impact of the pending adoption of ASU

2016

-

02

on its consolidated financial statements on a modified retrospective basis, and currently expects that all of its operating lease commitments relating to bareboat chartered-in vessels will be subject to the new standard and will be recognized as operating lease liabilities and right-of-use assets upon its adoption, which will increase the Company’s total assets and total liabilities that the Company reports relative to such amounts prior to adoption. As of

June 30, 2018,

the contractual obligations for the Company’s bareboat chartered-in vessels were

$23,064.

ASU

2016

-

15

Classification of certain cash payments and cash receipts

: There was

no

impact from the adoption of this update as the classification of the related cash payments and cash receipts has always been reported as described in the ASU.

In

June 2018,

the FASB issued ASU

2018

-

07,

“Compensation–Stock Compensation (Topic

718

): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU expands the scope of Topic

718,

which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods and services. Currently, nonemployee awards are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured. Under ASU

2018

-

07,

equity-classified nonemployee awards within the scope of Topic

718

will be measured at grant-date fair value. The ASU simplified the accounting for share-based payments granted to nonemployees for goods and services, therefore guidance on such payments to nonemployees would be mostly aligned with the requirements for share-based payments granted to employees. The amendments in this ASU are effective for fiscal years beginning after

December 15, 2018,

with early adoption permitted. The Company doesn’t believe this ASU will have a material impact on its financial statements

In

August 2018,

the FASB issued ASU

2018

-

13,

Fair Value Measurement (Topic

820

): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic

820,

Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019.

The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level

3

fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is

not

expected to have a material effect on the Company's condensed consolidated financial statements and accompanying notes.

XML

Note 3 - Going Concern

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Going Concern [Text Block]

3. Going Concern:

At

June 30, 2018,

the Company had a working capital deficit of

$30,224

and cash and cash equivalents of

$584.

As of

June 30, 2018,

the Company has remaining contractual commitments for the acquisition of its fleet totaling

$189,337.

Of this amount,

$46,269

is payable in

2018

and

$143,068

by

June 30, 2019.

Of the amount payable in

2018,

an amount of

$34,025

has been settled as of the date of issuance of these financial statements. As of

June 30, 2018

the Company also has commitments under operating leases for the following

twelve

months amounting to

$6,308.

As of

June 30, 2018,

the Company had available committed financing of

$61,929

(Note

6

and

7

), which increased to

$72,069

in

July 2018

when the Company entered into a senior facility with Alpha Bank for

$10,140

and further increased to

$80,517

in

September 2018

when the Company entered into an amendment of the Amended Family Trading Credit Facility (see Note

13

). Out of the

$80,517,

$18,590

refers to pre-delivery facilities and have to be repaid in the

first

quarter of

2019.

The Company expects to finance its unfinanced capital commitments with cash on hand, operational cash flow, debt or equity issuances, or a combination thereof and other sources such as funds from the Company’s controlling shareholder and CEO, Mr. Pistiolis, if required. If the Company is unable to arrange debt or equity financing for its newbuilding vessels, it will sell

one

or more of its vessels or newbuilding contracts. Hence the Company believes that it has the ability to continue as a going concern and finance its obligations as they come due over the next

twelve

months following the date of the issuance of these financial statements. The accompanying unaudited interim condensed consolidated do

not

include any adjustments relating to the recoverability and classification of recorded assets and liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern.

XML

Note 4(a) - Advances for Vessels Under Construction

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Advances for Vessels Acquisition Under Construction [Text Block]

4 (a). Advances for Vessels under construction:

An analysis of Advances for vessels under construction included in the accompanying unaudited interim condensed consolidated balance sheets is as follows:

	Advances for vessels acquisitions / under construction
Balance, December 31, 2017		6,757
— Advances paid		19,930
—Capitalized expenses		1,076
Balance, June 30, 2018		27,763

XML

Note 4(b) - Vessels, Net

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4

(b). Vessels, net:

The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:

	Vessel Cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2017		164,694		(9,759	)		154,935
— Depreciation		-		(3,002	)		(3,002	)
Balance, June 30, 2018		164,694		(12,761	)		151,933

The Company's vessels have been mortgaged as security under its loan facilities (see Note

7

).

XML

Note 5 - Transactions With Related Parties

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

5. Transactions with Related Parties:

(a)

  

Central Mare– Executive Officers and Other Personnel Agreements:

On

September 1, 2010,

the Company entered into separate agreements with Central Mare, a related party affiliated with the family of Evangelos J. Pistiolis, pursuant to which Central Mare provides the Company with its executive officers and other administrative employees (Chief Executive Officer, Chief Financial Officer, Chief Technical Officer and Executive Vice President).

The fees charged by Central Mare for the

six

month periods ended

June 30, 2017

and

2018

are as follows:

	Six Month Period Ended June 30,
	2017		2018			Presented in:
Executive officers and other personnel expenses		1,200		1,200		General and administrative expenses - Statement of comprehensive loss
Amortization of awarded shares		-		(17	)	Management fees - related parties - Statement of comprehensive loss
Total		1,200		1,183

On

March 27, 2017

and

January 2, 2018,

the Company’s board of directors granted to the Chief Executive Officer a bonus of

$1,500

and

$2,250

respectively, to be distributed at his own discretion to other executives.

(b)  

Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements:

On

March 10, 2014,

the Company entered into a new letter agreement, or the New Letter Agreement, with CSM, a related party affiliated with the family of Evangelos J. Pistiolis, which detailed the services and fees for the management of the Company’s fleet.

The fees charged by and expenses relating to CSM for the periods ended

June 30, 2017

and

2018

are as follows:

	Six Months Ended June 30,
	2017		2018		Presented in:
Management fees		34		-	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
		1,081		1,159	Management fees - related parties -Statement of comprehensive loss
Supervision services fees		8		27	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Superintendent fees		43		43	Vessel operating expenses -Statement of comprehensive loss
		15		15	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Accounting and reporting cost		88		113	Management fees - related parties -Statement of comprehensive loss
Financing fees		-		24	Short-term debt – Balance sheet
Commission for sale and purchase of vessels		707		1,749	Management fees - related parties -Statement of comprehensive loss
Commission on charter hire agreements		236		245	Voyage expenses - Statement of comprehensive loss
Performance incentive fee		1,250		1,250	Management fees - related parties -Statement of comprehensive loss
Total		3,462		4,625

For periods ended

June 30, 2017

and

2018,

CSM charged the Company newbuilding supervision related pass-through costs amounting to

$109

and

$386

respectively, that are

not

included in the table above.

(c)  

Vessel Acquisitions from affiliated entities:

On

January 31, 2018

the Company entered into a series of transactions with a number of entities affiliated with Evangelos J. Pistiolis that led to the purchase of the construction contracts of Eco Marina Del Ray, Eco Bel Air, Eco Beverley Hills and

10%

interest in M/T Stenaweco Elegance (see Note

1

and Note

4

).

XML

Note 6 - Leases

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

6. Leases

A. Lease arrangements, under which the Company acts as the lessee

Future minimum lease payments:

The Company's future minimum lease payments required to be made after

June 30, 2018,

relating to the bareboat chartered-in vessels M/T Stenaweco Energy and M/T Stenaweco Evolution are as follows:

Year ending December 31,	Bareboat Charter Lease Payments
2018 (remainder)		3,167
2019		6,282
2020		6,299
2021		6,282
2022		1,034
Total		23,064

B. Lease arrangements, under which the Company acts as the lessor

Charter agreements:

In the period ended

June 30, 2018,

the Company operated

four

vessels (M/T Stenaweco Energy, M/T Stenaweco Evolution, M/T Stenaweco Excellence and M/T Stenaweco Elegance) under time charters with Stena Bulk A/S,

two

vessels (M/T Eco Fleet and M/T Eco Revolution) under time charters with BP Shipping Limited (“BP”) and

one

vessel (M/T Nord Valiant) under time charter with Dampskibsselskabet Norden A/S.

Furthermore the company has entered into time charter parties for its newbuilding vessels, namely with BP (M/T Eco Bel Air and M/T Eco Beverly Hills), Cargill (M/T Eco Marina Del Ray), Shell Tankers Singapore Private Limited (M/T Eco California) and Central Tanker Chartering Inc (M/T Eco Palm Desert).

Future minimum time-charter receipts, based on the vessels commitments to these non-cancellable time charter contracts, as of

June 30, 2018,

are as follows:

Year ending December 31,	Time Charter receipts
2018 (remainder)		21,350
2019		55,955
2020		62,857
2021		37,935
2022		11,612
2023		5,512
2024		1,329
Total		196,550

In arriving at the minimum future charter revenues, an estimated

20

days off-hire time to perform scheduled dry-docking on each vessel has been deducted, and it has been assumed that

no

additional off-hire time is incurred, although there is

no

assurance that such estimate will be reflective of the actual off-hire in the future

XML

Note 7 - Debt

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Debt:

Details of the Company’s credit facilities are discussed in Note

9

of the Company’s Consolidated Financial Statements for the year ended

December 

31,

2017.

a. Long-term debt

ABN Facility

As at

June 30, 2018,

the outstanding balance of the ABN facility is

$50,350.

The applicable

three

-month LIBOR as of

June 30, 2018

was

2.36%.

NORD/LB Facility

As at

June 30, 2018,

the outstanding balance of the NORD/LB facility is

$19,093.

The applicable

three

-month LIBOR as of

June 30, 2018

was

2.32%.

Alpha Bank Facility

As at

June 30, 2018,

the outstanding balance of the Alpha Bank facility is

$21,350.

The applicable

three

-month LIBOR as of

June 30, 2018

was

2.33%.

AT Bank

The Company on

June 1, 2018

signed a supplemental agreement with AT Bank that resulted in the decrease of the commitment fee from

2%

to

1.3%,

effective from

March 6, 2018.

As of

June 30, 2018,

the Company has

not

drawn down any amounts under the AT Bank Senior Facility and therefore has an undrawn balance of

$23,500

as at

June 30, 2018,

part of which will be used to settle the AT Bank Predelivery Facility (see below) .

b. Short-term debt

Unsecured Notes

On

December 14, 2017,

the Company entered into a note purchase agreement, or the Note Purchase Agreement, with Crede Capital Group, LLC (or Crede), an unaffiliated

third

party, pursuant to which the Company issued to Crede a

$12,500

unsecured promissory note with revolving options for

two

additional

$5,000

notes. On

January 5, 2018,

the Company amended the Note Purchase Agreement, pursuant to which the Company issued to Crede a

second

unsecured promissory note in the amount of

$5,369

with a revolving option for an additional

$4,631

note. The Company further amended the Note Purchase Agreement on

February 8, 2018,

pursuant to which the borrowing availability was increased under the agreement and a

third

unsecured promissory note was issued to Crede in the amount of

$6,400.

The Company refers to the

three

notes issued to Crede under the Note Purchase Agreement as the "Crede Notes."

The Crede Notes mature

24

months from the date of their issuance and bear interest at a rate of

2.0%

per annum for the period of

ninety

days starting on the issuance date, (ii)

10.0%

per annum for the period of

ninety

days starting on the date that is

ninety

days immediately following the issuance date and (iii)

15.0%

per annum starting on the date that is

one hundred eighty

days immediately following the issuance date. The Notes also restrict the Company from redeeming, repurchasing or declaring any cash dividend or distribution on any of its capital stock (other than any obligations to do so outstanding as of the issuance dates of the Notes), as long as there are outstanding amounts under the Notes.

As of

June 30, 2018,

the

first

and

second

Crede Notes have been repaid in full and there remains

$5,836

of outstanding indebtedness under the

third

Crede Note.

AT Bank Predelivery Facility

The Company during the period ended

June 30, 2018

drew down

$7,494

under the AT Bank Predelivery Facility, to finance

four

shipyard installments of M/T Eco Palm Desert.

The Company on

June 1, 2018

signed a supplemental agreement with AT Bank that resulted in the decrease of the loan margin to

6.3%

from

8.5%

and in the decrease of the commitment fee from

4.25%

to

0%,

effective from

March 6, 2018.

The applicable

three

-month LIBOR as of

June 30, 2018

was

2.32%.

As of

June 30, 2018

the outstanding balance of the facility is

$8,993

and has an undrawn balance of

$0.

AT Bank Second Predelivery Facility

On

June 1, 2018,

the Company entered into a credit facility with AT Bank for

$10,140

for the pre-delivery financing of M/T Eco California (the "AT Bank Second Predelivery Facility"). This facility can be drawn down in

five

tranches to finance in full the last

five

pre-delivery instalments of M/T Eco California due for payment between

June

and

December 2018

and is repayable upon delivery of the vessel in

January 2019.

The facility contains various covenants, including a ratio of total net debt to the aggregate market value of the Company's fleet, current or future, of

no

more than

75%

and minimum free liquidity of

$750

per collateralized vessel and

$500

per bareboated chartered-in vessel. Additionally, the facility contains restrictions on the subsidiary that owns the newbuilding contract from incurring further indebtedness or guarantees and from paying any dividends.

The facility is secured as follows:

· Assignment to the bank of the newbuilding contract and of the respective refund guarantee of M/T Eco California;

· Corporate guarantee of Top Ships Inc.;

· Pledge of the shares of the subsidiary owning the newbuilding contract;

The AT Bank Second Predelivery Facility bears interest at LIBOR plus a margin of

6.3%

(reduced to

6%

from

September 2018

onwards). The facility bears

no

commitment fee. The Company drew down

$1,690

under the AT Bank Second Predelivery Facility in

June 2018,

to finance

one

shipyard installment of M/T Eco California and as of

June 30, 2018

the outstanding balance of the facility is

$1,690

and the facility has an undrawn balance of

$8,450.

The applicable

three

-month LIBOR as of

June 30, 2018

was

2.30%.

c. Long-term debt from related parties

Amended Family Trading Credit Facility

As of

June 30, 2018,

the outstanding amount under the Amended Family Trading Credit Facility is

$5,280,

excluding deferred finance fees of

$170,

and is included in Debt from related parties. The Company during the period ended

June 30, 2018

has drawn

$5,280,

which resulted in a recognition of a debt discount of

$4,330

according to the beneficial conversion feature ("BCF") guidance ASC

470

-

20.

The intrinsic value of the BCF was determined as the proceeds received times the positive difference between the fair value of the stock on the commitment date and the conversion price formula of the facility. Debt discount is shown net of debt in the accompanying unaudited interim condensed consolidated Balance sheets, of which

$140

was amortized in the period ended

June 30, 2018

and is included in Interest and finance costs in the accompanying unaudited interim condensed consolidated Statement of comprehensive loss and has an undrawn balance of

$6,572

under the Amended Family Trading Credit Facility.

The commitment fees payable and interest payable are

$142

and

$27

respectively. Upon conversion of the principal, interest and fees outstanding as of

June 30, 2018

at the Floor Price (

$0.60

), Family Trading would receive

8,800,000

common shares.

As of

June 30, 2018,

the Company was in compliance with all debt covenants with respect to its loans and credit facilities.

d. Financing committed under sale and leaseback agreement

On

June 29, 2018

the Company entered into a sale and leaseback agreement and a

5

year time charter with Cargill for its newbuilding vessel Eco Marina Del Ray (Hull

No

8242

) currently under construction at Hyundai Mipo Dockyard Co., South Korea. Consummation of the deal is expected to take place on the vessel’s delivery date currently planned for

March 2019.

Following the sale, the Company will bareboat charter back the vessel at a bareboat hire of

$8.6

per day and immediately put it on a

five

year time charter with Cargill. As part of this transaction, the Company has continuous options to buy back the vessel during the whole

five

year sale and leaseback period at purchase prices stipulated in the bareboat agreement depending on when the option is exercised and at the end of the

five

year period it has to buy it back for

$22,680.

The gross proceeds from the sale amount will be

$32,400.

The abovementioned sale and leaseback transaction contains, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements.

XML

Note 8 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

8. Commitments and Contingencies:

Legal proceedings:

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company's customers

may

disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches agreement with the customer on the amounts due.

On

August 1, 2017,

the Company received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) requesting certain documents and information in connection with offerings made by the Company between

February 2017

and

August 2017.

The Company provided the requested information to the SEC

in response to that subpoena. On

September 26, 2018

and on

October 5, 2018

the Company received

two

additional subpoenas from the SEC requesting certain documents and information in connection with the previous subpoena the Company received on

August 1, 2017.

The Company is providing the requested information to the SEC in response to that subpoena. The SEC investigation is ongoing and the Company continues to cooperate with the SEC in its investigation. The Company is unable to predict what action, if any, might be taken by the SEC or its staff as a result of this investigation or what impact, if any, the cost of responding to the SEC’s investigation or its ultimate outcome might have on our financial position, results of operations or liquidity . Hence the Company has

not

established any provision for losses relating to this matter.

On

August 23, 2017,

a purported securities class action complaint was filed in the United States District Court for the Eastern District of New York (

No.

2:17

-cv-

04987

(JFB)(SIL)) by Christopher Brady on behalf of himself and all others similarly situated against (among other defendants) the Company and

two

of its executive officers. The complaint is brought on behalf of an alleged class of those who purchased common stock of the Company between

January 17, 2017

and

August 22, 2017,

and alleges that the Company and

two

of its executive officers violated Sections

9,

10

(b) and/or

20

(a) of the Securities Exchange Act of

1934

and Rule

10b

-

5

promulgated thereunder. On

August 24, 2017,

a

second

purported securities class action complaint was filed in the same court against the same defendants (

No.

2:17

-cv-

05016

(JFB)(SIL)) which makes similar allegations and purports to allege violations of Sections

10

(b) and

20

(a) of the Exchange Act and Rule

10b

-

5

promulgated thereunder. By order dated

July 20, 2018,

the court consolidated the

two

actions under docket

no.

2:17

-cv-

04987

and appointed lead plaintiffs for the consolidated action. On

August 3, 2018,

one

group of unsuccessful lead plaintiff movants filed a motion to reconsider the Court’s

July 20, 2018

order. That motion is pending. On

September 18, 2018

the court-appointed plaintiffs filed a consolidated amended complaint . The amended complaint purports to be brought on behalf of shareholders who purchased the common stock of the Company between

November 23, 2016

and

April 3, 2018,

makes allegations similar to those made in the original complaints, seeks similar reliefs as the original actions, and alleges that some or all the defendants violated sections

9,

10

(b),

20

(a), and/or

20A

of the Securities Exchange Act of

1934

and Rule

10b

-

5

promulgated thereunder. The court has stayed the deadline for defendants to respond to the consolidated amended complaints pending resolution of the motion to reconsider the court’s

July 20, 2018

lead plaintiff order. The Company and its management believe that the allegations in the complaints are without merit and plan to vigorously defend themselves against the allegations.

Other than the cases mentioned above, the Company is

not

a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business.

Capital Expenditures under the Company’s Newbuilding program:

The Company has remaining contractual commitments for the acquisition of its fleet totaling

$189,337,

including

$17,985,

$28,730,

$32,420,

$55,101

and

$55,101

pursuant to newbuilding agreements for M/T Eco Palm Desert, M/T Eco California, M/T Eco Marina Del Rey, M/T Eco Bel Air and M/T Eco Beverley Hills respectively. Of these contractual commitments,

$46,269

is payable in

2018

and

$143,068

in

2019.

Environmental Liabilities:

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is

not

aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.

XML

Note 9 - Common Stock, Additional Paid-in Capital and Dividends

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

9. Common Stock, Additional Paid-In Capital and Dividends:

A discussion of the Company's common stock, additional paid-in capital and dividends can be found in the Company's annual financial statements for the fiscal year ended

December 31, 2017

which have been filed with the Securities and Exchange Commission on Form

20

-F on

March 29, 2018.

Reverse stock split:

On

March 26, 2018,

the Company effected a

1

-for-

10

reverse stock split of its common stock respectively. There was

no

change in the number of authorized common shares of the Company. All number of share and earnings per share amounts, as well as warrant shares eligible for purchase under the Company's Warrants, in these financial statements have been retroactively adjusted to reflect this reverse stock splits.

Second Crede Purchase Agreement:

On

December 11, 2017,

the Company, entered into a

second

agreement with Crede, pursuant to which the Company can sell

$25,000

of shares of its common stock, to Crede over a period of

24

months, subject to certain limitations (the "Second Crede Purchase Agreement"). In consideration for entering into the Second Crede Purchase Agreement, the Company issued

$500

of shares of its common stock, to Crede as a commitment fee. Crede had

no

right to require any sales and is obligated to purchase the common stock as directed by the Company, subject to certain limitations set forth in the agreement.

No

warrants, derivatives, or other share classes were associated with this agreement. During the period ended

June 30, 2018,

the Company had received proceeds, amounting to

$14,810

and issued

8,050,000

common shares. The Company terminated the Second Crede Purchase Agreement on

May 23, 2018.

Equity distribution agreement:

On

May 25, 2018,

the Company, entered into an equity distribution agreement, or as is commonly known, an at-the-market offering, with Maxim Group LLC (“Maxim”), under which the Company

may

sell up to

$14,250

of its common stock with Maxim acting as a sales agent over a period of

12

months (the “Maxim ATM”). Since Maxim is acting solely as a sales agent, it has

no

right to require any common stock sales..

No

warrants, derivatives, or other share classes are associated with this agreement. As of

June 30, 2018,

the Company had received proceeds (net of

2%

fees), amounting to

$2,531

and issued

2,254,348

common shares.

Warrants:

During the period ended

June 30, 2018

there were

no

warrant exercises and hence

no

common shares were issued. As of

June 30, 2018

the Company had

1,976,389

warrants outstanding relating to the follow-on offering of

June 6, 2014,

which entitle their holders to purchase

8,794,933

of the Company's common shares at an exercise price of

$0.56,

as it

may

be further adjusted. Furthermore since the issuance of the Series C shares in

February 2017

constituted an issuance of Variable Price Securities (as defined in the Warrant Agreement) and that, pursuant to Section

2

(d) of the Warrant Agreement, each holder shall have the right, but

not

the obligation, to, in any exercise of warrants, designate the Variable Price (as defined in the Warrant Agreement) at which the Series C shares are convertible, namely the lesser of: (i)

$675,000

and (ii)

75%

of the lowest daily VWAP of the Company's common shares over the

twenty-one

(

21

) consecutive trading day period ending on the trading day immediately prior to such date of determination, but in

no

event will the conversion price be less than

$0.25.

Dividends:

No

dividends were paid to common stock holders in the period ended

June 30, 2018.

XML

Note 10 - Loss Per Common Share

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

10. Loss Per Common Share:

All shares issued (including non-vested shares issued under the Company’s stock incentive plans) are the Company's common stock and have equal rights to vote and participate in dividends and in undistributed earnings. Non-vested shares do

not

have a contractual obligation to share in the losses.

The components of the calculation of basic and diluted earnings per share for the periods ended

June 30, 2017

and

2018

are as follows:

	Six months ended June 30,
	2017			2018
Income:
Net loss attributable to common shareholders		(5,847	)		(6, 624	)
Earnings per share:
Weighted average common shares outstanding, basic and diluted		561			15,620,543
Loss per share, basic and diluted		(10,422.45	)		(0.42	)

For the periods ended

June 30, 2017

and

2018

no

dilutive shares were included in the computation of diluted earnings per share because to do so would have been antidilutive for the period presented.

XML

Note 11 - Financial Instruments

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

11. Financial Instruments:

The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of short and long term loans, Unsecured Notes, related party loan, accounts payable due to suppliers, amounts due from/to related parties, accrued liabilities, interest rate swaps and warrants granted to

third

parties.

a) Interest rate risk: The Company is subject to market risks relating to changes in interest rates relating to debt outstanding under the bank loans on which it pays interest based on LIBOR plus a margin. In order to manage part or whole of its exposure to changes in interest rates due to the floating rate indebtedness, the Company has entered into interest rate swap agreements with ABN Amro Bank, NORD/LB Bank and Alpha Bank and might enter into more interest rate swap agreements in the future.

b) Credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions with which it places its temporary cash investments.

c) Fair value:

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash  and cash equivalents and restricted cash are considered Level

1

items as they represent liquid assets with short term maturities. The Company considers its creditworthiness when determining the fair value of its liquid assets.

The fair value of bank debt approximates the recorded value due to its variable interest rate, being the LIBOR. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and, hence, bank loans are considered Level

2

items in accordance with the fair value hierarchy.

The fair value of interest rate swaps is determined using a discounted cash flow method taking into account current and future interest rates and the creditworthiness of both the financial instrument counterparty and the Company and, hence, they are considered Level

2

items in accordance with the fair value hierarchy.

The fair value of warrants is determined using the Cox, Ross and Rubinstein Binomial methodology and hence are considered Level

3

items in accordance with the fair value hierarchy.

The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in

one

of the following

three

categories:

Level

1:

Quoted market prices in active markets for identical assets or liabilities;

Level

2:

Observable market based inputs or unobservable inputs that are corroborated by market data;

Level

3:

Unobservable inputs that are

not

corroborated by market data.

Interest rate swap agreements

The Company has entered into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate credit facilities. These interest rate swap transactions fixed the interest rates based on predetermined ranges in LIBOR rates. The Company has entered into the following agreements with ABN Amro Bank, Nord/LB Bank and Alpha Bank relating to interest rate swaps, the details of which were as follows:

Agreement Date	Counterparty	Effective (start) date:	Termination Date:	Notional amount on effective date		Interest rate payable
June 3, 2016	ABN Amro Bank	April 13, 2018	Ju1y 13, 2021	$	16,575		1.4425	%
December 19, 2016	ABN Amro Bank	December 21, 2016	January 13, 2022	$	20,700		2.0800	%
December 19, 2016	ABN Amro Bank	December 21, 2016	August 10, 2022	$	19,450		2.1250	%
March 29, 2017	NORD/LB Bank	May 17, 2017	May 17, 2023	$	21,139		2.1900	%
March 29, 2018	Alpha Bank	March 29, 2018	February 25, 2025	$	21,900		2.9700	%

The fair value of the swaps was considered by the Company to be classified as Level

2

in the fair value hierarchy since their value was derived from observable market based inputs. The Company pays a fixed rate and receives a floating rate for these interest rate swaps. The fair values of these derivatives determined through Level

2

of the fair value hierarchy were derived principally from, or corroborated by, observable market data. Inputs included quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allowed values to be determined.

Warrant liability

The Company's warrants outstanding as of

December 31, 2017

and

June 30, 2018,

are recorded at their fair values. As of

June 30, 2018

the Company’s derivatives consisted of

1,976,389

warrants outstanding, issued in connection with the Company’s follow-on offering that closed on

June 11, 2014,

as depicted in the following table:

Warrants Outstanding December 31, 2017		Warrant Shares Outstanding December 31, 2017		Term (in years)		Warrant Exercise Price		Fair Value – Liability December 31, 2017
	1,976,389		2,134,501		5	$	2.30		3,332

Warrants Outstanding June 30, 2018		Warrant Shares Outstanding June 30, 2018		Term (in years)		Warrant Exercise Price*		Fair Value – Liability June 30, 2018
	1,976,389		8,794,933		5	$	0.56		4,445

* Applying the Variable Exercise Price as applicable at

June 30, 2018

Fair value of financial liabilities

The following table presents the fair value of those financial assets and liabilities measured at fair value on a recurring basis and their locations on the accompanying consolidated balance sheets, analyzed by fair value measurement hierarchy level:

			Fair Value Measurement at Reporting Date
As of December 31, 2017	Total		Using Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Non-current asset		394		-		394		-
Non-current liability		3,335		-		3		3,332
As of June 30, 2018
Non-current asset		1,760		-		1,760		-
Non-current liability		4,491		-		46		4,445

The following table sets forth a summary of changes in fair value of the Company’s level

3

fair value measurements for the

six

months ended

June 30, 2018:

Closing balance – December 31, 2017	3,332
Change in fair value of warrants, included in the consolidated statements of comprehensive loss	1,113
Closing balance – June 30, 2018	4,445

Derivative Financial Instruments

not

designated as hedging instruments:

The Company's interest rate swaps did

not

qualify for hedge accounting. The Company estimates the fair value of its derivative financial instruments at the end of every period and reflects the resulting unrealized gain or loss during the period in Gain/

(loss) on derivative financial instruments in the statement of comprehensive loss as well as presenting the fair value at the end of each period in the balance sheet.

The major unobservable input in connection with the valuation of the Company’s warrants is the volatility used in the valuation model, which is approximated by yearly historical observations of the Company’s share price. The yearly historical volatility that has been applied in the warrant valuation as of

June 30, 2018

was

246%.

A

5%

increase in the volatility applied would lead to an increase of

2.9%

in the fair value of the warrants. The fair value of the Company’s warrants is considered by the Company to be classified as Level

3

in the fair value hierarchy since it is derived by unobservable inputs.

Quantitative information about Level 3 Fair Value Measurements

Derivative type

Fair Value at December 31, 2017

Fair Value at June 30, 2018

Balance Sheet Location

Valuation Technique

Significant Unobservable Input

Value December 31, 2017

Value June 30, 2018

Warrants

3,332

4,445

Non-Current liabilities –Derivative financial instruments

Cox, Ross and Rubinstein Binomial

Volatility

233

%

246

%

Information on the location and amounts of derivative financial instruments fair values in the balance sheet and derivative financial instrument losses in the statement of comprehensive loss are presented below:

	Amount of gain recognized in Statement of comprehensive loss located in gain on Derivate Financial Instruments
		June 30, 2017		June 30, 2018
Interest rate swaps- change in fair value		(388	)	1,324
Interest rate swaps– realized loss		(234	)	(81	)
Warrants- change in fair value		1,679		(1,113	)
Total		1,057		130

XML

Note 12 - Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

12. Investments in unconsolidated joint ventures

During the period ended

June 30, 2018

the Company advanced

$2,243

to Eco Nine Inc to cover upcoming newbuilding installments and

$833

to City of Athens Inc and

$744

to Eco Nine Inc respectively to cover predelivery expenses, financing related expenses and to establish debt service reserves.

On

March 12, 2018

City of Athens and in Eco Nine entered into a loan agreement with ABN Amro Bank for a senior debt facility of

$35,900

to fund, the delivery of M/T Eco Holmby Hills and M/T Eco Palm Springs (

$17,948

and

$17,952

respectively). The loan is payable in

20

consecutive quarterly installments of

$299

per vessel, commencing

three

months from draw down, and a balloon payment of

$11,965

and

$11,968

M/T Eco Holmby Hills and M/T Eco Palm Springs respectively, payable together with the last installment. The credit facility bears interest at LIBOR plus a margin of

2.90%.

On

March 15, 2018,

City of Athens took delivery of M/T Eco Holmby Hills, a

50,000

dwt newbuilding product/chemical tanker constructed at the Hyundai Mipo Vinashin shipyard. On

March 20, 2018

the vessel commenced its' time charter agreement with Clearlake Shipping Pte Ltd.

On

May 23, 2018,

Eco Nine Inc took delivery of M/T Eco Palm Springs, a

50,000

dwt newbuilding product/chemical tanker constructed at the Hyundai Mipo Vinashin shipyard. On

May 26, 2018

the vessel commenced its time charter agreement with Clearlake Shipping Pte Ltd.

XML

Note 13 - Subsequent Events

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

13. Subsequent Events

On

July 11, 2018,

the Company entered into a credit facility with Alpha Bank for

$10,140

for the pre-delivery financing of M/T Eco Marina Del Ray. This facility can be drawn down in

five

tranches to finance in full the last

five

pre-delivery instalments of M/T Eco Marina Del Ray due between

July 2018

and

February 2019.

The facility is repayable on delivery of the vessel in

March 2019.

The facility contains restrictions on the subsidiary that owns the newbuilding contract from incurring further indebtedness or guarantees and from paying any dividends if the latter would result in an event of default.

The facility is secured as follows:

· Assignment to the bank of the newbuilding contract and of the respective refund guarantee of M/T Eco Marina Del Ray;

· Corporate guarantee of Top Ships Inc.;

· Pledge of the shares of the subsidiary owning the newbuilding contract;

The facility bears interest at LIBOR plus a margin of

4.25%

and a commitment fee of

1%

per annum is payable quarterly in arrears over the committed and undrawn portion of the facility, starting from the date of signing the commitment letter. The Company drew down

$1,690

under the facility in

July 2018,

to finance

one

shipyard installment of M/T Eco Marina Del Ray.

On

July 23, 2018,

the Company terminated the Maxim ATM.

On

September 7, 2018

the Company took delivery of M/T Eco Palm Desert, a

50,000

dwt newbuilding product/chemical tanker constructed at the Hyundai Mipo Vinashin shipyard. The vessel was partially financed by the AT Bank Senior Facility.

On

September 11, 2018

the Company obtained non-binding credit committee approval from a major Chinese leasing company for up to

$92,500

via sale and leaseback agreements (the “SLB Agreements”) for its Suezmax newbuilding vessels with hull numbers

874

and

875,

currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The Company is currently negotiating the final terms of the Financing Agreements. Under the proposed terms of the SLB Agreements, the vessels will be sold when they are delivered from the shipyard, which is currently planned for

April

and

May

of

2019,

respectively. The proposed SLB Agreements include pre and post-delivery financing and have a term of

seven

years. The Company has continuous options to buy back the vessels after the

three

year anniversary of each vessel’s delivery up until the expiry of the SLB Agreements but

no

purchase obligation.

On

September 27, 2018,

the Company and Family Trading adopted an amended and restated version of the Amended Family Trading Credit Facility (the "Amended and Restated Family Trading Credit Facility") in order to, among other things, set the repayment date of the facility to

December 31, 2019,

increase the maximum borrowing capacity of the facility to

$20,000,

increase the interest rate to

12%,

reduce the commitment fee to

2%

and increase the arrangement fee to

5%.

As of the date

of issuance of these financial statements the balance of the Amended and Restated Family Trading Credit Facility is

$17,367.

XML

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

ASU

2014

-

09

Revenue from Contracts with Customers:

On

May 28, 2014,

the FASB issued the ASU

No

2014

-

09

Revenue from Contracts with Customers. ASU

2014

-

09,

as amended, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company elected to use the modified retrospective transition method for the implementation of this standard. The implementation of this standard did

not

have a material impact on the financial statements since the Company's revenues are generated from long term charters which are subject to ASU

2016

-

02.

ASU

No.

2016

-

02,

Leases:

In

February 2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842

). This ASU requires that lessees recognize assets and liabilities for leases with lease terms greater than

twelve

months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The amendments are effective for fiscal years beginning after

December 15, 2018.

The Company has preliminarily evaluated the impact of the pending adoption of ASU

2016

-

02

on its consolidated financial statements on a modified retrospective basis, and currently expects that all of its operating lease commitments relating to bareboat chartered-in vessels will be subject to the new standard and will be recognized as operating lease liabilities and right-of-use assets upon its adoption, which will increase the Company’s total assets and total liabilities that the Company reports relative to such amounts prior to adoption. As of

June 30, 2018,

the contractual obligations for the Company’s bareboat chartered-in vessels were

$23,064.

ASU

2016

-

15

Classification of certain cash payments and cash receipts

: There was

no

impact from the adoption of this update as the classification of the related cash payments and cash receipts has always been reported as described in the ASU.

In

June 2018,

the FASB issued ASU

2018

-

07,

“Compensation–Stock Compensation (Topic

718

): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU expands the scope of Topic

718,

which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods and services. Currently, nonemployee awards are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured. Under ASU

2018

-

07,

equity-classified nonemployee awards within the scope of Topic

718

will be measured at grant-date fair value. The ASU simplified the accounting for share-based payments granted to nonemployees for goods and services, therefore guidance on such payments to nonemployees would be mostly aligned with the requirements for share-based payments granted to employees. The amendments in this ASU are effective for fiscal years beginning after

December 15, 2018,

with early adoption permitted. The Company doesn’t believe this ASU will have a material impact on its financial statements

In

August 2018,

the FASB issued ASU

2018

-

13,

Fair Value Measurement (Topic

820

): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic

820,

Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019.

The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level

3

fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is

not

expected to have a material effect on the Company's condensed consolidated financial statements and accompanying notes.

XML

Note 1 - Basis of Presentation and General Information (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Consideration in cash	23,450
Less: Carrying value of Net assets of companies acquired	1,190
Excess of consideration over acquired assets	22,260

XML

Note 4(a) - Advances for Vessels Under Construction (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Advances for Vessels Acquisition Under Construction [Table Text Block]

	Advances for vessels acquisitions / under construction
Balance, December 31, 2017		6,757
— Advances paid		19,930
—Capitalized expenses		1,076
Balance, June 30, 2018		27,763

XML

Note 4(b) - Vessels, Net (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Property, Plant and Equipment [Table Text Block]

	Vessel Cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2017		164,694		(9,759	)		154,935
— Depreciation		-		(3,002	)		(3,002	)
Balance, June 30, 2018		164,694		(12,761	)		151,933

XML

Note 5 - Transactions With Related Parties (Tables)

6 Months Ended

Jun. 30, 2018

Central Mare [Member]

Notes Tables

Schedule of Related Party Transactions [Table Text Block]

	Six Month Period Ended June 30,
	2017		2018			Presented in:
Executive officers and other personnel expenses		1,200		1,200		General and administrative expenses - Statement of comprehensive loss
Amortization of awarded shares		-		(17	)	Management fees - related parties - Statement of comprehensive loss
Total		1,200		1,183

	Six Months Ended June 30,
	2017		2018		Presented in:
Management fees		34		-	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
		1,081		1,159	Management fees - related parties -Statement of comprehensive loss
Supervision services fees		8		27	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Superintendent fees		43		43	Vessel operating expenses -Statement of comprehensive loss
		15		15	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Accounting and reporting cost		88		113	Management fees - related parties -Statement of comprehensive loss
Financing fees		-		24	Short-term debt – Balance sheet
Commission for sale and purchase of vessels		707		1,749	Management fees - related parties -Statement of comprehensive loss
Commission on charter hire agreements		236		245	Voyage expenses - Statement of comprehensive loss
Performance incentive fee		1,250		1,250	Management fees - related parties -Statement of comprehensive loss
Total		3,462		4,625

XML

Note 6 - Leases (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year ending December 31,	Bareboat Charter Lease Payments
2018 (remainder)		3,167
2019		6,282
2020		6,299
2021		6,282
2022		1,034
Total		23,064

Schedule of Future Minimum Time-Charter Receipts [Table Text Block]

Year ending December 31,	Time Charter receipts
2018 (remainder)		21,350
2019		55,955
2020		62,857
2021		37,935
2022		11,612
2023		5,512
2024		1,329
Total		196,550

XML

Note 10 - Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Six months ended June 30,
	2017			2018
Income:
Net loss attributable to common shareholders		(5,847	)		(6, 624	)
Earnings per share:
Weighted average common shares outstanding, basic and diluted		561			15,620,543
Loss per share, basic and diluted		(10,422.45	)		(0.42	)

XML

Note 11 - Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

Agreement Date	Counterparty	Effective (start) date:	Termination Date:	Notional amount on effective date		Interest rate payable
June 3, 2016	ABN Amro Bank	April 13, 2018	Ju1y 13, 2021	$	16,575		1.4425	%
December 19, 2016	ABN Amro Bank	December 21, 2016	January 13, 2022	$	20,700		2.0800	%
December 19, 2016	ABN Amro Bank	December 21, 2016	August 10, 2022	$	19,450		2.1250	%
March 29, 2017	NORD/LB Bank	May 17, 2017	May 17, 2023	$	21,139		2.1900	%
March 29, 2018	Alpha Bank	March 29, 2018	February 25, 2025	$	21,900		2.9700	%

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Warrants Outstanding December 31, 2017		Warrant Shares Outstanding December 31, 2017		Term (in years)		Warrant Exercise Price		Fair Value – Liability December 31, 2017
	1,976,389		2,134,501		5	$	2.30		3,332

Warrants Outstanding June 30, 2018		Warrant Shares Outstanding June 30, 2018		Term (in years)		Warrant Exercise Price*		Fair Value – Liability June 30, 2018
	1,976,389		8,794,933		5	$	0.56		4,445

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

			Fair Value Measurement at Reporting Date
As of December 31, 2017	Total		Using Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Non-current asset		394		-		394		-
Non-current liability		3,335		-		3		3,332
As of June 30, 2018
Non-current asset		1,760		-		1,760		-
Non-current liability		4,491		-		46		4,445

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Closing balance – December 31, 2017	3,332
Change in fair value of warrants, included in the consolidated statements of comprehensive loss	1,113
Closing balance – June 30, 2018	4,445

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Quantitative information about Level 3 Fair Value Measurements

Derivative type

Fair Value at December 31, 2017

Fair Value at June 30, 2018

Balance Sheet Location

Valuation Technique

Significant Unobservable Input

Value December 31, 2017

Value June 30, 2018

Warrants

3,332

4,445

Non-Current liabilities –Derivative financial instruments

Cox, Ross and Rubinstein Binomial

Volatility

233

%

246

%

Derivative Instruments, Gain (Loss) [Table Text Block]

	Amount of gain recognized in Statement of comprehensive loss located in gain on Derivate Financial Instruments
		June 30, 2017		June 30, 2018
Interest rate swaps- change in fair value		(388	)	1,324
Interest rate swaps– realized loss		(234	)	(81	)
Warrants- change in fair value		1,679		(1,113	)
Total		1,057		130

XML

Note 1 - Basis of Presentation and General Information (Details Textual)		1 Months Ended
	Jan. 31, 2018 USD ($) T	Jun. 30, 2018 USD ($)
PCH Dreaming, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Size of Vessel | T	50,000
Business Combination, Consideration Transferred, Total	$ 3,950,000
Charter Term	1 year	5 years
Charter Rate Per Day	$ 16,000	$ 15,100
Charter Option To Extend Term	2 years
Charter Option to Extend, Rate Per Day, Year One	$ 17,000
Charter Option to Extend, Rate Per Day, Year Two	$ 18,000
South California, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Size of Vessel | T	157,000
Business Combination, Consideration Transferred, Total	$ 8,950,000
Charter Term	1 year	3 years
Charter Rate Per Day	$ 25,000	$ 25,000
Charter Option To Extend Term	2 years	2 years
Charter Option to Extend, Rate Per Day, Year One	$ 26,000	$ 28,000
Charter Option to Extend, Rate Per Day, Year Two	$ 27,000	$ 29,500
Malibu Warrior, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Size of Vessel | T	157,000
Business Combination, Consideration Transferred, Total	$ 8,950,000
Charter Term	1 year	3 years
Charter Rate Per Day	$ 25,000	$ 25,000
Charter Option To Extend Term	2 years	2 years
Charter Option to Extend, Rate Per Day, Year One	$ 26,000	$ 28,000
Charter Option to Extend, Rate Per Day, Year Two	$ 27,000	$ 29,500
ECO Seven, Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	10.00%
Size of Vessel | T	50,000
Business Combination, Consideration Transferred, Total	$ 1,600,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total	100.00%
City of Athens [Member]
Equity Method Investment, Ownership Percentage		50.00%
Eco Nine [Member]
Equity Method Investment, Ownership Percentage		50.00%

XML

Note 1 - Basis of Presentation and General Information - Excess of Consideration Over Acquired Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Excess of consideration over acquired assets	$ (22,260)	$ (9,309)
Astarte [Member]
Consideration in cash	23,450
Less: Carrying value of Net assets of companies acquired	1,190
Excess of consideration over acquired assets	$ 22,260

XML

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	Jun. 30, 2018 USD ($)
Operating Leases, Future Minimum Payments Due, Total	$ 23,064

XML

Note 3 - Going Concern (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Jul. 11, 2018	Dec. 31, 2017	Jun. 30, 2017
Working Capital Surplus (Deficit)	$ (30,224)
Cash and Cash Equivalents, at Carrying Value, Ending Balance	584			$ 24,081	$ 1,589
Contractual Obligation, Total	189,337
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year	46,269
Contractual Obligation, Due in Second Year	143,068
Contractual Obligations Settled	34,025
Line of Credit Facility, Remaining Borrowing Capacity	$ 61,929
Subsequent Event [Member]
Line of Credit Facility, Remaining Borrowing Capacity		$ 80,517	$ 72,069
Subsequent Event [Member] | Pre-delivery Facilities [Member]
Line of Credit Facility, Remaining Borrowing Capacity			18,590
Subsequent Event [Member] | Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,140

XML

Note 4(a) - Advances for Vessels Under Construction - Advances for Vessels Acquisitions Under Construction (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Balance	$ 6,757
— Advances paid	19,930
—Capitalized expenses	1,076
Balance	$ 27,763

XML

Note 4(b) - Vessels, Net - Summary of Vessels (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Depreciation	$ (3,002)	$ (2,790)
Balance, Net Book Value	162,734
Depreciation	(3,002)	$ (2,790)
Balance, Net Book Value	180,678
Vessels [Member]
Balance, cost	164,694		$ 164,694
Balance, Accumulated Depreciation	(9,759)
Depreciation	(3,002)
Balance, Accumulated Depreciation	(12,761)
Balance, Net Book Value	154,935
Depreciation	(3,002)
Balance, Net Book Value	$ 151,933

XML

Note 5 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands			6 Months Ended
	Jan. 02, 2018	Mar. 27, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 31, 2018
Proceeds from Related Party Debt			$ 5,280	$ 2,958
Chief Executive Officer [Member] | Incentive Compensation for Completion of Newbuilding Program [Member]
Related Party Transaction, Amounts of Transaction		$ 1,500
Proceeds from Related Party Debt	$ 2,250
Central Shipping Monaco SAM [Member]
Related Party Transaction, Amounts of Transaction			4,625	3,462
Central Shipping Monaco SAM [Member] | Newbuilding Supervision Fee [Member]
Related Party Transaction, Amounts of Transaction			$ 386	$ 109
Affiliated Entity [Member] | M/T Stenaweco Elegance [Member]
Equity Method Investment, Ownership Percentage					10.00%

XML

Note 5 - Transactions With Related Parties - Fees Charged by Related Parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Central Mare [Member]
Fees charged	$ 1,183	$ 1,200
Central Mare [Member] | Executive Officers and Other Personnel Expenses [Member] | General and Administrative Expense [Member]
Fees charged	1,200	1,200
Central Mare [Member] | Amortization of Awarded Shares [Member] | Management Fees Related Party [Member]
Fees charged	(17)
Central Shipping Monaco SAM [Member]
Fees charged	4,625	3,462
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member]
Fees charged		34
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Management Fees - Related Parties [Member]
Fees charged	1,159	1,081
Central Shipping Monaco SAM [Member] | Supervision Fee [Member] | Advances for Vessels Acquisitions/under Construction [Member]
Fees charged	27	8
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member]
Fees charged	15	15
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member]
Fees charged	43	43
Central Shipping Monaco SAM [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member]
Fees charged	113	88
Central Shipping Monaco SAM [Member] | Financing Fees [Member] | Deferred Charges [Member]
Fees charged	24
Central Shipping Monaco SAM [Member] | Commission for Sale and Purchase of Vessels [Member] | Vessels, Net [Member]
Fees charged	1,749	707
Central Shipping Monaco SAM [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member]
Fees charged	245	236
Central Shipping Monaco SAM [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member]
Fees charged	$ 1,250	$ 1,250

XML

Note 6 - Leases (Details Textual)	6 Months Ended
	Jun. 30, 2018
Stena Weco A/S [Member] | M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence, M/T Stenaweco Elegance [Member]
Number of Time Charters	4
BP Shipping [Member] | M/T Eco Fleet and M/T Eco Revolution [Member]
Sale Leaseback Transaction, Number of Vessels	2
Dampskibsselskabet Norden A/S [Member] | M/T Nord Valiant [Member]
Number of Time Charters	1

XML

Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2018 USD ($)
2018 (remainder)	$ 3,167
2019	6,282
2020	6,299
2021	6,282
2022	1,034
Total	$ 23,064

XML

Note 6 - Leases - Future Minimum Time-charter Receipts (Details) - Time Charter Contracts [Member] $ in Thousands	Jun. 30, 2018 USD ($)
2018 (remainder)	$ 21,350
2019	55,955
2020	62,857
2021	37,935
2022	11,612
2023	5,512
2024	1,329
Total	$ 196,550

XML

Note 7 - Debt (Details Textual)							1 Months Ended		4 Months Ended	5 Months Ended	6 Months Ended
	Jun. 29, 2018 USD ($)	Jun. 01, 2018 USD ($)	Feb. 08, 2018 USD ($)	Jan. 05, 2018 USD ($)	Dec. 14, 2017 USD ($)	Sep. 05, 2017	Mar. 31, 2019 USD ($)	Jun. 30, 2018 USD ($) $ / shares	Dec. 31, 2018	May 31, 2018	Jun. 30, 2018 USD ($) $ / shares
Line of Credit Facility, Remaining Borrowing Capacity								$ 61,929,000			$ 61,929,000
M/T Eco Marina Del Ray [Member]
Sale Leaseback Transaction, Lease Term	5 years
Sale Leaseback Transaction, Rent Expense, Per Day	$ 8.60
Sale Leaseback Transaction, Buy Back, Amount	$ 22,680
Scenario, Forecast [Member] | M/T Eco Marina Del Ray [Member]
Sale Leaseback Transaction, Gross Proceeds, Investing Activities							$ 32,400
Unsecured Notes [Member]
Proceeds from Short-term Debt, Total			$ 6,400,000	$ 5,369,000	$ 12,500,000
Debt Instrument, Additional Revolving Options				$ 4,631,000
Notes Payable, Total								5,836,000			5,836,000
Unsecured Notes [Member] | Second Crede Note, First Revolving Option [Member]
Debt Instrument, Additional Revolving Options					$ 5,000,000
Unsecured Notes [Member] | Interest on Debt for the First Ninety Days [Member]
Debt Instrument, Interest Rate, Stated Percentage					2.00%
Unsecured Notes [Member] | Interest on Debt for Ninety up to 180 Days [Member]
Debt Instrument, Interest Rate, Stated Percentage					10.00%
Unsecured Notes [Member] | Interest on Debt 180 Days and Thereafter [Member]
Debt Instrument, Interest Rate, Stated Percentage					15.00%
Unsecured Notes [Member] | Second Crede Note, Second Revolving Option [Member]
Debt Instrument, Additional Revolving Options					$ 5,000,000
The ABN Bank [Member]
Long-term Line of Credit, Total								$ 50,350,000			$ 50,350,000
The ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, LIBOR Rate								2.36%			2.36%
Norddeutsche Landesbank Girozentrale Bank [Member]
Long-term Line of Credit, Total								$ 19,093,000			$ 19,093,000
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, LIBOR Rate								2.32%			2.32%
Alpha Bank [Member]
Long-term Line of Credit, Total								$ 21,350,000			$ 21,350,000
Alpha Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, LIBOR Rate								2.33%			2.33%
AT Bank [Member] | Predelivery Facility to Fund Hull No 2648 [Member]
Long-term Line of Credit, Total								$ 0			$ 0
Line of Credit Facility, Commitment Fee Percentage		0.00%								4.25%
Proceeds from Lines of Credit, Total											$ 7,494,000
Debt Instrument, Applicable Three Month LIBOR, Rate								2.32%			2.32%
Line of Credit Facility, Maximum Borrowing Capacity								$ 8,993,000			$ 8,993,000
AT Bank [Member] | AT Bank Second Predelivery Facility [Member]
Long-term Line of Credit, Total								1,690,000			1,690,000
Line of Credit Facility, Commitment Fee Percentage		0.00%
Line of Credit Facility, Remaining Borrowing Capacity								8,450,000			$ 8,450,000
Proceeds from Lines of Credit, Total								$ 1,690,000
Debt Instrument, Applicable Three Month LIBOR, Rate								2.30%			2.30%
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,140,000
Debt Instrument, Number of Available Tranches		5
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds		5
Debt Covenant, Ratio of Total Net Debt to Fleet Value		75.00%
Minimum Free Liquidity, Per Collateralized Vessel		$ 750,000
Minimum Free Liquidity, Per Bareboated Chartered-in Vessel		$ 500,000
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Predelivery Facility to Fund Hull No 2648 [Member]
Debt Instrument, Basis Spread on Variable Rate		6.30%								8.50%
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | AT Bank Second Predelivery Facility [Member]
Debt Instrument, Basis Spread on Variable Rate		6.30%
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | AT Bank Second Predelivery Facility [Member] | Scenario, Forecast [Member]
Debt Instrument, Basis Spread on Variable Rate									6.00%
AT Bank [Member] | M/T Eco Palm Desert [Member]
Line of Credit Facility, Commitment Fee Percentage		1.30%				2.00%
Line of Credit Facility, Remaining Borrowing Capacity								$ 23,500,000			$ 23,500,000
Family Trading [Member] | Immediate Family Member of Management or Principal Owner [Member] | Revolving Credit Facility [Member]
Long-term Line of Credit, Total								5,280,000			5,280,000
Line of Credit Facility, Remaining Borrowing Capacity								6,572,000			6,572,000
Proceeds from Lines of Credit, Total											5,280,000
Debt Issuance Costs, Net, Total								170,000			170,000
Debt Instrument, Unamortized Discount, Total								$ 4,330,000			4,330,000
Amortization of Debt Discount (Premium)											140,000
Debt Related Commitment Fees and Debt Issuance Costs											142,000
Interest Expense, Related Party											$ 27,000
Debt Instrument, Convertible, Conversion Price | $ / shares								$ 0.60			$ 0.60
Debt Instrument, Convertible, Number of Equity Instruments											8,800,000

XML

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	Jun. 30, 2018 USD ($)
Contractual Obligation, Total	$ 189,337
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year	46,269
Contractual Obligation, Due in Second Year	143,068
Commitment Pursuant to Newbuilding Agreement for M/T Eco Palm Desert [Member]
Contractual Obligation, Total	17,985
Commitment Pursuant to Newbuilding Agreement for M/T Eco California [Member]
Contractual Obligation, Total	28,730
Commitment Pursuant to Newbuilding Agreement for M/T Eco Marina Del Rey [Member]
Contractual Obligation, Total	32,420
Commitment Pursuant to Newbuilding Agreement for M/T Eco Bel Air [Member]
Contractual Obligation, Total	55,101
Commitment Pursuant to Newbuilding Agreement for M/T Eco Beverley Hills [Member]
Contractual Obligation, Total	$ 55,101

XML

Note 9 - Common Stock, Additional Paid-in Capital and Dividends (Details Textual) $ / shares in Units, $ in Thousands					1 Months Ended	6 Months Ended			7 Months Ended
		May 25, 2018 USD ($)	Mar. 26, 2018	Dec. 11, 2017 USD ($)	Jun. 30, 2018 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) $ / shares shares		Jun. 30, 2017 USD ($) shares	Jun. 30, 2018 USD ($) $ / shares shares	Dec. 31, 2017 $ / shares shares
Proceeds from Issuance of Common Stock						$ 2,531
Class of Warrant or Right, Exercised During Period | shares						0
Class of Warrant or Right, Outstanding | shares					1,976,389	1,976,389			1,976,389	1,976,389
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares					8,794,933	8,794,933			8,794,933	2,134,501
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 0.56	$ 0.56			$ 0.56	$ 2.30
Dividends, Total						$ 0
Series C Convertible Preferred Stock [Member]
Convertible Preferred Stock, Conversion Price, Percentage of VWAP					75.00%	75.00%			75.00%
Series C Convertible Preferred Stock [Member] | Maximum [Member]
Convertible Preferred Stock, Conversion Price | $ / shares					$ 675,000	$ 675,000			$ 675,000
Series C Convertible Preferred Stock [Member] | Minimum [Member]
Convertible Preferred Stock, Conversion Price | $ / shares					$ 0.25	$ 0.25			$ 0.25
Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares	[1]							3,485
Crede [Member]
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value				$ 25,000
Common Stock Purchase Agreement, Period of Shares Authorized for Issuance				2 years
Proceeds from Issuance of Common Stock									$ 14,810
Crede [Member] | Common Stock [Member]
Stock Issued During Period, Value, Payment for Commitment Fee				$ 500
Stock Issued During Period, Shares, New Issues | shares						8,050,000	[1]		8,050,000
Maxim [Member]
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value		$ 14,250
Proceeds from Issuance of Common Stock					$ 2,531
Common Stock Equity Distribution Agreement, Period of Shares Authorized for Issuance		1 year
Maxim [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues | shares					2,254,348	2,254,348	[1]
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio			10

[1] Adjusted to reflect the reverse stock splits effected in March 2018 (see Note 9)

XML

Note 10 - Loss Per Common Share (Details Textual) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

XML

Note 10 - Loss Per Common Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Net loss attributable to common shareholders	$ (6,624)	$ (5,847)
Earnings per share:
Weighted average common shares outstanding, basic and diluted (in shares)	15,620,543	561
Loss per share, basic and diluted (in dollars per share)	$ (0.42)	$ (10,422.45)

XML

Note 11 - Financial Instruments (Details Textual)	6 Months Ended
	Jun. 30, 2018 shares	Dec. 31, 2017 shares
Class of Warrant or Right, Outstanding	1,976,389	1,976,389
Increase (Decrease) in Volatility Rate Applied	5.00%
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value	2.90%
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	246

XML

Note 11 - Financial Instruments - Derivative Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
ABN Bank [Member] | Interest Rate Swap June 3, 2016 [Member]
Effective Date	Apr. 13, 2018
Derivative, Notional Amount	$ 16,575
Interest Rate Payable	1.4425%
ABN Bank [Member] | Interest Rate Swap December 19, 2016 [Member]
Effective Date	Dec. 21, 2016
Derivative, Notional Amount	$ 20,700
Interest Rate Payable	2.08%
ABN Bank [Member] | Interest Rate Swap December 19, 2016 Second [Member]
Effective Date	Dec. 21, 2016
Derivative, Notional Amount	$ 19,450
Interest Rate Payable	2.125%
Norddeutsche Landesbank Girozentrale Bank of Germany [Member] | Interest Rate Swap May 17, 2017 [Member]
Effective Date	May 17, 2017
Derivative, Notional Amount	$ 21,139
Interest Rate Payable	2.19%
Alpha Bank [Member] | Interest Rate Swap March 29, 2018 [Member]
Effective Date	Mar. 29, 2018
Derivative, Notional Amount	$ 21,900
Interest Rate Payable	2.97%

XML

Note 11 - Financial Instruments - Estimated Fair Value of Outstanding Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Warrants outstanding (in shares)	1,976,389	1,976,389
Warrant shares outstanding (in shares)	8,794,933	2,134,501
Term (Year)	5 years	5 years
Warrnts exercise price (in dollars per share)	$ 0.56	$ 2.30
Warrant fair value liability	$ 4,445	$ 3,332

XML

Note 11 - Financial Instruments - Valuation of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets measured at fair value on a recurring basis	$ 1,760	$ 394
Liabilities measured at fair value on a recurring basis	4,491	3,335
Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value on a recurring basis
Liabilities measured at fair value on a recurring basis
Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value on a recurring basis	1,760	394
Liabilities measured at fair value on a recurring basis	46	3
Fair Value, Inputs, Level 3 [Member]
Assets measured at fair value on a recurring basis
Liabilities measured at fair value on a recurring basis	$ 4,445	$ 3,332

XML

Note 11 - Financial Instruments - Changes in Fair Value of Level 3 Measurements (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Closing balance	$ 3,332
Change in fair value of warrants, included in the consolidated statements of comprehensive loss	1,113
Closing balance	$ 4,445

XML

Note 11 - Financial Instruments - Summary of Derivative Fair Values (Details) $ in Thousands	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Warrants, fair value	$ 4,445	$ 3,332
Measurement Input, Price Volatility [Member]
Warrants, volatility	246
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Warrants, fair value	$ 4,445	$ 3,332
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member]
Warrants, volatility	246	233

XML

Note 11 - Financial Instruments - Amount Recognized in Statement of Comprehensive (Loss) Income Derivative Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Interest rate swaps– realized loss	$ (81)	$ (234)
Total	130	1,057
Interest Rate Swap [Member]
Derivative instruments, changes in fair value	1,324	(388)
Financial Instrument Warrants [Member]
Derivative instruments, changes in fair value	$ (1,113)	$ 1,679

XML

Note 12 - Investments in Unconsolidated Joint Ventures (Details Textual) $ in Thousands	May 23, 2018 g	Mar. 15, 2018 T	Mar. 12, 2018 USD ($)	Jun. 30, 2018 USD ($)
M/T Eco Holmby Hills [Member]
Size of Vessel | T		50,000
M/T Eco Palm Springs [Member]
Size of Vessel | g	50,000
City of Athens and Eco Nine [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 35,900
City of Athens and Eco Nine [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			2.90%
City of Athens and Eco Nine [Member] | M/T Eco Holmby Hills [Member]
Debt Instrument, Periodic Payment, Total			$ 299
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid			11,965
City of Athens and Eco Nine [Member] | M/T Eco Palm Springs [Member]
Debt Instrument, Periodic Payment, Total			299
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid			$ 11,968
Upcoming Newbuilding Installments [Member] | Eco Nine [Member]
Advances to Affiliate				$ 2,243
Predelivery Expense [Member] | Eco Nine [Member]
Advances to Affiliate				744
Predelivery Expense [Member] | City of Athens [Member]
Advances to Affiliate				$ 833

XML

Note 13 - Subsequent Events (Details Textual)	Sep. 27, 2018 USD ($)	Sep. 11, 2018 USD ($)	Jul. 11, 2018 USD ($)	Oct. 22, 2018 USD ($)	Jun. 30, 2018 USD ($)
Subsequent Event [Member] | Suezmax Vessels [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 92,500,000
Sale Leaseback Transaction, Lease Term		7 years
Sale Leaseback Transaction, Buy Back Option		3 years
Alpha Bank [Member]
Long-term Line of Credit, Total					$ 21,350,000
Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,140,000
Debt Instrument, Number of Available Tranches			5
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds			5
Line of Credit Facility, Commitment Fee Percentage			1.00%
Proceeds from Lines of Credit, Total			$ 1,690,000
Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			4.25%
Family Trading [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Commitment Fee Percentage	2.00%
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Line of Credit Facility, Arrangement Fee Percentage	5.00%
Long-term Line of Credit, Total				$ 17,367,000