TOP SHIPS ANNOUNCES SALE OF THE M/V BERTRAM

ATHENS, GREECE (April 15, 2008). TOP Ships Inc. (NasdaqGS: TOPS) announced today the sale of Bertram, a 73,506 dwt Panamax drybulk vessel, built in 1995. The vessel is expected to be delivered to its new owners by the end of April 2008.

Evangelos J. Pistiolis, President and CEO of TOP Ships Inc., commented: “We have concluded the sale of the Bertram, reducing our indebtedness and increasing the amount of cash liquidity available to fund the Company’s existing investment commitments.”


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 Bertram 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 1.7 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 2008. Including this vessel, four of the Company’s five drybulk vessels will have period charter contracts for an average period of 20 months.

Top Ships Press Release