TOP SHIPS REPORTS FOURTH QUARTER AND FISCAL YEAR 2010 FINANCIAL RESULTS

ATHENS, GREECE (March 18, 2010) - TOP Ships Inc. (NasdaqGS:TOPS) today announced its financial results for the fourth quarter and the fiscal year ended December 31, 2010.

For the three months ended December 31 2010, the Company reported:

• A net income of $2.3 million or $0.07 per share.
• An operating income of $6.1 million.
• Revenues of $22.6 million.

For the year ended December 31, 2010, the Company reported:

• A net income of $2.5 million, or $0.08 per share.
• An operating income of $22.3 million.
• Revenues of $91 million.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

We are happy to report one more profitable quarter in 2010 as well as a profitable year.

During 2010, we repaid $64.6 million of debt, using mainly cash generated from operations and the sale of M/T Dauntless during the fourth quarter of 2010 for $20.1 million. The sale of M/T Dauntless, at what we believe to be a very firm price, demonstrated once again our good sense of timing.

Looking into the future, we anticipate that 2011 will be challenging for the shipping industry, particularly the dry bulk sector, due to the issue of vessel oversupply, the effect of which is not easy to estimate.

Detailed report at www.topships.org

Top Ships Press Release