TOP SHIPS ISSUES 7.3 MILLION SHARES IN PRIVATE PLACEMENT

ATHENS, GREECE (April 24, 2008) … TOP Ships Inc (NasdaqGS:TOPS), announced today that it has privately placed 7.3 million common unregistered shares for aggregate gross proceeds of $51 million with various investors. The 7.3 million shares were sold for $7.00 per share, which represents a discount of 15.5 percent based on the closing share price of $8.28 on April 23, 2008.

Of the shares placed, 2.9 million shares were placed with Sphinx Investment Corp., a company privately controlled by George Economou.

The Company expects to issue the privately placed shares in multiple transactions between April 30 and May 7, 2008. The Company expects to use the proceeds for acquisitions and general corporate purposes.

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 17 tankers, consisting of 9 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 1.7 million dwt, of which 83% are sister ships. Twelve of the Company’s 17 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 one additional drybulk vessel expected during April or in early May 2008. When this vessel is delivered, four of the Company’s five drybulk vessels will have period charter contracts for an average period of 20 months.

Top Ships Press Release