TOP Tankers Announces Delivery of the First Drybulk Vessel

ATHENS, Greece, Nov. 13 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT) today announced that it has taken delivery of the M/V BERTRAM, a 73,506 DWT Panamax drybulk vessel, built in 1995 in South Korea. The vessel has been financed with secured bank debt.

The M/V BERTRAM is the first of six drybulk vessel deliveries for the fourth quarter 2007 and first quarter 2008. The BERTRAM has entered into a time-charter employment for a period of 24-26 months at a daily net rate of $29,700.

Evangelos Pistiolis, President & CEO, said that "The delivery of this vessel marks our official entry into the world of drybulk, and we believe that the diversification that this represents for us will serve to make TOP a stronger company with a broader base in marine transportation."

About TOP Tankers Inc
TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products and of drybulk transportation services. The Company operates a fleet of 20 tankers, consisting of 12 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 2.2 million dwt, of which 87% are sister ships, and one drybulk vessels. It expects delivery of five more drybulk vessels between January and March 2008. Thirteen of the Company's 20 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. Three of the Company's drybulk vessels will have period charter contracts for an average period of 18 months.

Top Tankers Press Release