TOP SHIPS Inc. Announces Development Related To The Charters Of The "IONIAN WAVE" And "TYRRHENIAN WAVE"

ATHENS, GREECE – January 26, 2011 – TOP Ships Inc. (NasdaqGS: TOPS), an international provider of worldwide seaborne crude oil, petroleum products, and drybulk transportation services, announced today that it has received from the bareboat charterer of the M/T’s “IONIAN WAVE” and “TYRRHENIAN WAVE”, a reduced charter hire rate of $9,092 per day, rather than the already reduced $10,000 per day on a bareboat basis that it had been receiving for the last year as previously announced.

TOP Ships Inc. is examining its options towards recovery of the all amounts owed by the charterer.

About TOP Ships Inc.
TOP Ships Inc., is an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities. For more information about TOP Ships Inc., visit its website: www.topships.org.

Top Ships Press Release