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TOP Tankers Announces New Time-Charter Contract for the M/T Flawless Print
Thursday, 17 May 2007
toptankers.jpg ATHENS, Greece, May 16 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today that it has entered into a time-charter contract with a major South American oil company for the M/T Flawless, a 154,970 DWT double-hull Suezmax tanker, built in 1991 by Hyundai Heavy Industries Co. Ltd of the Republic of Korea.

The vessel is expected to commence the new time-charter in mid-June 2007 for a period of one year at a rate of $44,500 per day. The charterers have the option to extend the contract for a period of one year at the conclusion of the charter.

Evangelos J. Pistiolis, President and Chief Executive Officer commented, "The new time-charter of the M/T Flawless represents one of the highest rates achieved in the Suezmax period market in the second quarter of 2007. It is our second vessel on time-charter with this particular charterer, which once again proves our commitment to provide high quality transportation services to our charterers."

    The following table presents the Company's updated fleet list and
employment:
Profit
Daily   Sharing
Dwt      Year   Charter                  Base    Above Base
Built   Type        Expiry      Rate    Rate (2007)
12 Suezmax
Tankers
Timeless(C)   154,970  1991    Spot
Flawless(C)   154,970  1991  Time Charter  Q3/2008(A)  $44,500    None
Stopless(C)   154,970  1991    Spot
Priceless(C)  154,970  1991  Time Charter  Q3/2008     $35,000    50%
thereafter
Faultless(D)  154,970  1992    Spot
Noiseless(D)  149,554  1992  Time Charter  Q2/2010     $37,000(1) None
Stainless(D)  149,599  1992    Spot
Endless(D)    135,915  1992  Time Charter  Q4/2008(E)  $36,500    None
Limitless(D)  136,055  1993    Spot
Stormless     150,038  1993  Time Charter  Q4/2009     $36,900    None
Ellen P.      146,286  1996    Spot
Edgeless      147,048  1994    Spot
11 Handymax
Tankers
Victorious(B)  47,084  1991  Time Charter  Q3/2009     $14,000    50%
thereafter
Sovereign(B)   47,084  1992  Time Charter  Q3/2009     $14,000    50%
thereafter
Invincible(B)  47,084  1992  Time Charter  Q3/2009     $14,000    50%
thereafter
Relentless(B)  47,084  1992  Time Charter  Q3/2009     $14,000    50%
thereafter
Vanguard(C)    47,084  1992  Time Charter  Q1/2010     $15,250    50%
thereafter
Restless(B)    47,084  1991  Time Charter  Q4/2009     $15,250    50%
thereafter
Spotless(C)    47,094  1991  Time Charter  Q1/2010     $15,250    50%
thereafter
Doubtless(C)   47,076  1991  Time Charter  Q1/2010     $15,250    50%
thereafter
Faithful(C)    45,720  1992  Time Charter  Q2/2010     $14,500  100% first
$500 + 50%
thereafter
Dauntless      46,168  1999  Time Charter  Q1/2010     $16,250  100% first
$1,000 +
50%
thereafter
Ioannis P.     46,346  2003  Time Charter  Q4/2010     $18,000  100% first
$1,000 +
50%
thereafter
Total Tanker
DWT        2,304,253
A. Charterers have option to extend contract for an additional one-year
period
B. Vessels sold and leased back in August and September 2005 for a period
of 7 years
C. Vessels sold and leased back in March 2006 for a period of 5 years
D. Vessels sold and leased back in April 2006 for a period of 7 years
E. Charterers have option to extend contract for an additional four-year
period
1. Base rate will change to $36,000 in Q2 2007 and $35,000 in Q2 2008
until expiration.
About TOP Tankers Inc

TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company operates a fleet of 23 tankers, consisting of 12 double-hull Suezmax tankers and 11 double-hull Handymax tankers, with a total carrying capacity of approximately 2.3 million dwt, of which 85% are sister ships. Sixteen of the Company's 23 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TOP Tankers believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TOP Tankers cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, failure of a seller to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, inability to procure acquisition financing, changes in demand for oil and petroleum products, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in our voyage and operating expenses, including bunker prices, dry- docking and insurance costs, changes in governmental rules and regulations including requirements for double-hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by TOP Tankers with the US Securities and Exchange Commission.

    Contact:  Michael Mason (investors)     Stamatis Tsantanis, CFO
Allen & Caron Inc             TOP Tankers Inc
212 691 8087                  011 30 210 812 8199

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SOURCE  TOP Tankers Inc
-0-                             05/16/2007
/CONTACT:  Investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087,

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 , for TOP Tankers Inc; or Stamatis Tsantanis, CFO of
TOP Tankers Inc, 011 30 210 812 8199, 
 This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
 /
(TOPT)
CO:  TOP Tankers Inc
ST:  Greece
IN:  OIL TRN
SU:
CV-KA
-- LAW064 --
6666 05/16/2007 13:54 EDT http://www.prnewswire.com
 
 
 
 
 
 
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