TOPT Top Tankers Inc. (MM)

ATHENS, Greece, Dec. 20 /PRNewswire-FirstCall/ -- TOP Ships Inc (NASDAQ:TOPT) today announced that it has taken delivery of the M/V CYCLADES, a 75,681 DWT Panamax drybulk vessel, built in 2000 in Japan. The vessel has been financed with secured bank debt. The vessel will immediately enter into the spot market, earning in excess of $70,000 net per day for its first voyage. The M/V CYCLADES is the second of six drybulk vessel deliveries for the fourth quarter 2007 and first quarter 2008. About TOP Ships Inc TOP Ships Inc, formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and of drybulk transportation services. Upon delivery of one tanker to its new owners, the Company will operate a fleet of 19 tankers, consisting of 11 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 2.0 million dwt, of which 78% are sister ships, and two drybulk vessels. It expects delivery of four more drybulk vessels between December 2007 and March 2008. Thirteen of the Company's 19 tankers will be on time charter contracts with an average initial term of over two years with all but three of the time charters including profit sharing agreements. Three of the Company's drybulk vessels will have period charter contracts for an average period of 18 months. Forward Looking Statement Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, failure of a seller to deliver one or more vessels or of a buyer to accept delivery of one or more vessels, inability to procure acquisition financing, default by one or more charterers of our ships, changes in the demand for crude oil and petroleum products, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. Contact: Michael Mason (investors) Stamatis Tsantanis, CFO Allen & Caron Inc TOP Ships Inc 212 691 8087 011 30 210 812 8199 DATASOURCE: TOP Ships Inc CONTACT: investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087, , for TOP Ships Inc; or Stamatis Tsantanis, CFO of TOP Ships Inc, 011 30 210 812 8199, Web site: http://www.toptankers.com/

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