TOP SHIPS Inc Announces Development Related To The Charters Of The “IONIAN WAVE” And “TYRRHENIAN WAVE

ATHENS, GREECE - (January 11, 2010) - TOP Ships Inc.(NASDAQ: TOPS) announced today that it has received from the bareboat charterer of the M/T’s “IONIAN WAVE” and “TYRRHENIAN WAVE”, a reduced charterhire rate of $10,000 per day, rather than the $14,300 per day on a bareboat basis that is set forth in the charter agreement. As a result, TOP Ships Inc. believes that such charterer is in breach of the charter. TOP Ships Inc. is examining this unilateral reduction and intends to take all necessary steps to recover the amounts owed.

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 and an average age of 2.8 years with a total carrying capacity of approximately 0.4 million dwt, of which 76% are sister ships. Two of the Company's Handymaxes are on time charter contracts with an average term of 7 months with both of the time charters including profit sharing agreements above their base rates. Six of the Company’s Handymax tankers are fixed on a bareboat charter basis with an average term of 8.3 years.

• A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt and an average age of 8.7 years, of which 47% are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 26 months.

Top Ships Press Release