TOP Tankers Announces Issuance of 2.1 Million Shares to Strategic Investor

ATHENS, Greece, June 28 - TOP Tankers Inc (Nasdaq: TOPT), announced today that it has placed 2.1 million common shares with companies connected with George Economou, the well-known Greek shipping investor. The shares were issued under the Company's effective shelf registration statement in connection with the Company's controlled equity offering program. The aggregate gross proceeds of the placement were approximately $14.3 million, which the Company expects to use for acquisitions, working capital and general corporate purposes.

Evangelos J. Pistiolis, president and CEO of TOP Tankers Inc., stated, "This strategic investment constitutes a vote of confidence in our Company and its management. We welcome Mr. Economou's valued participation. After the placement, Mr. Economou owns approximately 3.7 million shares of TOP Tankers according to recent filings."

About TOP Tankers Inc

TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company will operate a fleet of 22 tankers, consisting of 12 double-hull Suezmax tankers and 10 double-hull Handymax tankers, with a total carrying capacity of approximately 2.3 million dwt, of which 87% are sister ships. Fifteen of the Company's 22 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements.

Top Tankers Press Release