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