Top Ships Announces Delivery Of The Third Drybulk Vessel

ATHENS, GREECE (January 3, 2008) … TOP Ships Inc (NasdaqGS:TOPS) announced that it has taken delivery of the M/V AMALFI, a 45,526 DWT Handymax drybulk vessel, built in 2000 in The Philippines. The vessel has been financed with secured bank debt.

The M/V AMALFI is the third drybulk vessel delivered to the Company in the last three months. The Company expects delivery of the remaining three drybulk vessels it has agreed to acquire between January and March 2008. The AMALFI has entered into a time-charter employment for a period of 14-16 months at a daily net rate of $22,000.

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 three drybulk vessels. It expects delivery of three more drybulk vessels between January 2008 and March 2008. Twelve 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.

Top Ships Press Release