TOP SHIPS ANNOUNCES SALE OF THE M/T FAULTLESS

ATHENS, GREECE (March 19, 2008). TOP Ships Inc. (NasdaqGS:TOPS) announced today that it has entered into an agreement to terminate its bare-boat charter for the Suezmax tanker Faultless (DWT 154,970, built 1992), after sale of the vessel from its owners to a third party.

The deferred gain from the original sale of approximately $4.2 million will be recognized upon delivery of the vessel to its new owners, which is expected to occur in late March 2008.

Evangelos J. Pistiolis, President and CEO of TOP Ships Inc. commented: “The unwinding of an additional Suezmax leasing contract is another step towards reducing our financial expenditure and disposing our older tonnage. We will continue to pursue further such opportunities, which we believe will enhance shareholder value.”

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 the Faultless to its new owners, the Company will operate 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 1.8 million dwt, of which 85% 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 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