TOP SHIPS Inc. Announces Filing Of Its Annual Report On Form 20-F

ATHENS, GREECE – June 21, 2010 – TOP Ships Inc. (NasdaqGS: TOPS), an international provider of worldwide seaborne crude oil, petroleum products, and drybulk transportation services, announced today that it has filed its Annual Report on Form 20-F, on June 18, 2010, for the year ended 2009. The Annual Report is available for download on the Company’s website, www.topships.org. Any shareholder may receive a hard copy of the Company’s complete Annual Report, which includes the Company’s complete 2009 audited financial statements, free of charge upon request. The audit opinion of Deloitte, Hadjipavlou, Sofianos and Cambanis S.A. regarding the 2009 financial statements of the Company which were included in the Company’s Annual Report on Form 20-F, are unqualified. However, the opinion includes an explanatory “going concern” paragraph which states:

“The accompanying consolidated financial statements for the years ended December 31, 2008 and 2009, have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company's inability to comply with financial covenants under its current loan agreements as of December 31, 2009 and 2008 and its negative working capital position raise substantial doubt about its ability to continue as a going concern. Management's plans concerning these matters are discussed in Note 3 to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.”

Investors are urged to read the full text of the Company’s Report on Form 20-F, including Note 3 to the consolidated financial statements referred to above.

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 3.2 years with a total carrying capacity of approximately 0.4 million dwt, of which 76%, in terms of dwt, are sister ships. Two of the Company's Handymaxes are on time charter contracts with an average term of 13 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 7.8 years.

• A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt and an average age of 9.1 years, of which 47%, in terms of dwt, are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 18 months.

Top Ships Press Release