TOP SHIPS ANNOUNCES DELIVERY OF THE FOURTH DRYBULK VESSEL

ATHENS, GREECE (February 4, 2008) … TOP Ships Inc (NasdaqGS:TOPS) announced that it has taken delivery of the M/V VOC GALLANT, a 51,200 DWT super Handymax, or “Supramax” drybulk vessel, built in 2002 in China.

The M/V VOC GALLANT is the fourth of six drybulk vessel deliveries for the fourth quarter 2007 and first quarter 2008. The VOC GALLANT has been immediately chartered back to the sellers for a period of 18 months at a daily net rate of $25,650 on a bareboat basis.

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. The Company operates a combined tanker and drybulk fleet as follows:
• 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. Twelve of the Company’s 19 tankers are 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 above their base rates. In addition, the Company has ordered six newbuilding product tankers, which are expected to be delivered in the first half of 2009.
• a fleet of four drybulk vessels with delivery of two additional drybulk vessels expected during February and March 2008. Including these two vessels, three of the Company’s six drybulk vessels will have period charter contracts for an average period of 18 months.

Top Ships Press Release