TOP SHIPS ANNOUNCES SALE OF FIVE SUEZMAX VESSELS

ATHENS, GREECE (June 26, 2008). TOP Ships Inc. (NasdaqGS: TOPS) announced today that it has entered into an agreement to sell five double-hull Suezmax tankers built between 1992 and 1996 for an aggregate sale price of $240 million.

The vessels are expected to be delivered to their new owners between June 2008 and August 2008.

The Company said that the net proceeds of the sales may be applied to acquisitions and general corporate purposes.

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 five suezmaxes to their new owners the Company will operate a combined tanker and drybulk fleet as follows:

- a fleet of 12 tankers, consisting of 4 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 1.0 million dwt, of which 86% are sister ships. Eight of the Company's 12 tankers will be on time charter contracts with an average term of two years with all 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. All the expected newbuildings have bareboat employment agreements for periods between seven and ten years.

- a fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 70% are sister ships.. All of the Company's drybulk vessels have employment contracts for an average period of 30 months.

Top Ships Press Release