TOP SHIPS ANNOUNCES NEW TRADING SYMBOL

ATHENS (April 17, 2008) … TOP Ships (NasdaqGS:TOPS) announced today that effective as of the open of market trading on April 18, 2008, the Company’s shares will once again trade under the trading symbol “TOPS”. For the 30 days preceding April 18, 2008, the Company’s shares had been trading under the trading symbol “TOPSD” as a result of the 1:3 reverse split of the Company’s shares on March 20, 2008.


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 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