The Greek bulker and tanker owner reported netincome of $4.5m for the six months to 30 June, versus a loss of $2.1m in thecomparable period a year prior.

While revenues fell to $14.2m from $16.2myear-on-year its earnings report indicates that management was able to reduce expenses.

This is consistent with the strategy chief executiveEvangelos Pistiolis outlined in an interview with TradeWinds late last year.

While no mainstream equity analysts follow Top Shipsdue to its low market cap and thin trading volumes, several said they were surprisedto see the company turn the corner.

The results didn’t appear to win over investors,however, as the Athens-based operator’s US-listed stock plummeted by more than15.00% before bottoming out at around $2.02 a share.