TOP SHIPS ANNOUNCES DELIVERY OF THE LATEST DRYBULK VESSEL

ATHENS, GREECE (May 5, 2008) … TOP Ships Inc. (NasdaqGS:TOPS) announced that it has taken delivery of the M/V ASTRALE, a 75,933 dwt Panamax drybulk vessel, built in 2000 in Japan. The vessel has been financed with secured bank debt.

The M/V ASTRALE is the last drybulk vessel to be delivered under agreements entered into by the Company in 2007, all of which were delivered between the fourth quarter 2007 and the second quarter 2008. The ASTRALE has entered into a time-charter employment for a period of one year at a gross rate of $72,000 per day.

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 five drybulk vessels. Four of the Company’s five drybulk vessels have period charter contracts for an average period of 20 months.

Top Ships Press Release