TOP Tankers Announces Public Offering of Common Stock and Cessation of Offers Under July Prospectus Supplement

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Nov 2007

TOP Tankers Inc announced that it intends to offer to the public 21,000,000 shares of its common stock (the "Offered Shares"). The Offered Shares will be offered under a newly filed prospectus supplement with the Securities and Exchange Commission in conjunction with the Company's existing shelf registration statement dated August 1, 2005. The offering is being made through an underwriting syndicate led by Deutsche Bank Securities Inc. who will act as sole book-running managers for the offering, as well as DVB Capital Markets LLC, Oppenheimer & Co. Inc. and Cantor Fitzgerald & Co. The Company has granted the underwriters an over-allotment option to purchase up to 3,150,000 additional sharesThe Company expects to use the net offering proceeds to repay currently outstanding debt, to make payments in connection with the purchase of six drybulk vessels, and for general corporate or working capital purposes. The Company also announced that it will cease to offer any securities under the prospectus supplement it filed with the Securities and Exchange Commission on July 24, 2007. About TOP Tankers Inc TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products and of drybulk transportation services. The Company operates a fleet of 20 tankers, consisting of 12 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 2.2 million dwt, of which 87% are sister ships, and one drybulk vessel. It expects delivery of five more drybulk vessels between December 2007 and March 2008. Thirteen of the Company's 20 tankers will be on time charter contracts with an average initial term of over three years with all but four of the time charters including profit sharing agreements. Three of the Company's drybulk vessels will have period charter contracts for an average period of 18 months.