TOP SHIPS ANNOUNCES DELIVERY OF THE FIFTH DRYBULK VESSEL

ATHENS, GREECE (March 7, 2008) … TOP Ships Inc. (NasdaqGS:TOPS) announced that it has taken delivery of the M/V PEPITO, a 75,928 dwt Panamax drybulk vessel, built in 2001 in Japan. The vessel has been financed with secured bank debt.

The M/V PEPITO is the fifth of six drybulk vessel deliveries for the fourth quarter 2007 and first quarter 2008. The PEPITO has entered into a time-charter employment for a period of 60-70 days at a daily net rate of $55,000.


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. The Company operates a combined tanker and drybulk fleet as follows:
• a fleet of 18 tankers, consisting of 10 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 1.8 million dwt, of which 85% are sister ships. Eleven of the Company’s 18 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 with delivery of one additional drybulk vessel expected during March/April 2008. Including this vessel, three of the Company’s six drybulk vessels will have period charter contracts for an average period of 18 months.

Top Ships Press Release