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Tankers delivered from SPP

Tankers delivered from SPP
TOP Ships Inc. has taken delivery of the M/Ts "IONIAN WAVE" and "TYRRHENIAN WAVE" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.

TOP Ships Inc. has taken delivery of the M/Ts "IONIAN WAVE" and "TYRRHENIAN WAVE" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.

TOP Ships Inc. announced yesterday that it has taken delivery of the M/Ts "IONIAN WAVE" and "TYRRHENIAN WAVE" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The "IONIAN WAVE" and the "TYRRHENIAN WAVE" are the third and fourth of six 50,000 dwt product / chemical tankers to be delivered within the first and second quarter of 2009. The "IONIAN WAVE" and the "TYRRHENIAN WAVE" have entered into respective bareboat time-charter employments for a minimum period of seven years at a daily rate of $14,300, with three successive one-year options at a higher daily rate.

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 eleven double-hull handymax tankers, with a total carrying capacity of approximately 0.5 million dwt, of which 74% 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. Four of the Company's handymax tankers are fixed on a bareboat charter basis with an average term of eight and a half years.

Two 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 a period of 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 24 months.

www.TurkishMaritime.com.tr

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