TOP SHIPS ANNOUNCES TERMINATION OF FOUR LEASES AND NEW TIME CHARTER

ATHENS, GREECE (June 29, 2009) … TOP Ships Inc. (NasdaqGS:TOPS) today announced that it has terminated its bareboat charters for four Handymax vessels: the Faithful (DWT 45,720, built 1992), the Doubtless (DWT 47,076, built 1991), the Spotless (DWT 47,100, built 1991) and the Vanguard (DWT 47,100, built 1992), and redelivered the vessels to their owners after paying $11.75 million in termination fees and expenses.

Additionally, the Company announced today that the MV Astrale, a 75,933 DWT Panamax drybulk vessel, has entered into a time charter employment with Daeyang Shipping Co. Ltd., a Korean charterer, for a period of two years at a gross rate of $18,000 per day.

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 drybulk transportation services. The Company operates a combined tanker and drybulk fleet as follows:

• A fleet of eight double-hull Handymax tankers, with a total carrying capacity of approximately 0.4 million dwt, of which 64% are sister ships. Three of the Company's Handymaxes are on time charter contracts with an average term of nine months with all of the time charters including profit sharing agreements above their base rates. Five of the Company’s Handymax tankers are fixed on a bareboat charter basis with an average term of eight and a half years.

• One newbuilding product tanker, which is expected to be delivered in 2009. The expected newbuilding has a fixed rate bareboat employment agreement for a period of ten years.

• A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 47% are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 27 months.

Top Ships Press Release