Top Ships Inc. announces delivery of first newbuild vessel

Athens, Greece – June 23, 2014

TOP Ships Inc. (NasdaqGS: TOPS) (“Top Ships” or the “Company”), an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced today the following corporate developments: Delivery of EShips Taweelah The Company took delivery of the EShips Taweelah, a 50,000 dwt fuel efficient “ECO” MR product tanker, the first of six vessels under construction in the Company’s fleet. The remaining five vessels are scheduled for delivery between the first quarter 2015 and the third quarter of 2016.






The EShips Taweelah is on a time charter for two years, plus one additional year at the charterer’s option, to Eships Tankers Ltd, at $16,000 per day for the first two years and $17,250 per day for the optional year.

Engagement of RedChip to Lead Investor Relations Efforts
Concurrent with the successful completion of the Company’s recent public offering, which raised gross proceeds of more than $20 million, Top Ships engaged RedChip Companies, Inc. (“RedChip”) to lead its investor relations efforts.

“We look forward to working closely with RedChip in the months and quarters ahead as we seek to improve our visibility in the investment community,” stated Pistiolis.

Dave Gentry, President and CEO of RedChip, stated, “The global seaborne transportation industry moves more than 1.8 billion metric tons of petroleum products annually. We’re excited to bring the Top Ships story to our global investor audience of retail and institutional investors as they capitalize on this massive market opportunity.”

About TOP Ships Inc.
TOP Ships Inc. is an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products. Top Ships Inc. currently owns one MR tanker, employed on a time charter, and has five newbuilding MRs, which are expected to be delivered to the Company between the first quarter of 2015 and the third quarter of 2016.

Top Ships Inc. press release