Evangelos Pistiolis’ Top Ships appears to be fighting for its life after racking up a full-year loss of $189.1m.

CEO, Evangelos Pistiolis.
The depth of the Nasdaq-listed tanker owner’s financial troubles were revealed in an annual report filed with securities regulators that shed light on covenant breaches and dwindling cash reserves.

(click HERE to read the filing in full)

While the company is current on loan instalments, it said banks may require the group to offload assets if obligations are not paid and warned that operating cash flow for 2012 is expected to decrease as a result of the recent reduction in the size of its stable.

“Based