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"LICHTENSTEIN" is 50.000 dwt

"LICHTENSTEIN" is 50.000 dwt
TOP Ships Inc. announced that it has taken delivery of the M/T "LICHTENSTEIN" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.

TOP Ships Inc. announced that it has taken delivery of the M/T "LICHTENSTEIN" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.

TOP Ships Inc. announced yesterday that it has taken delivery of the M/T "LICHTENSTEIN" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The "LICHTENSTEIN" is the second of six 50,000 dwt product / chemical tankers to be delivered within the first and second quarter of 2009. The "LICHTENSTEIN" has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,550.

TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services. The Company operates a combined tanker and drybulk fleet as follows:

A fleet of nine double-hull handymax tankers, with a total carrying capacity of approximately 0.4 million dwt, of which 44% are sister ships. Seven of the Company's handymaxes are on time charter contracts with an average term of one year with all of the time charters including profit sharing agreements above their base rates. Two of the Company's handymax tankers are fixed on a bareboat charter basis for a period of ten years.

Four newbuilding product tankers, which are expected to be delivered in the first half of 2009. All the expected newbuildings have fixed rate bareboat employment agreements for periods between seven and ten years.

A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 47% are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 25 months.

www.TurkishMaritime.com.tr

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