TOP Tankers Closes Offering

Tuesday, December 11, 2007
TOP Tankers Inc. announced the closing of its offering to the public of 24,150,000 shares of its common stock. The company recently announced the pricing of the Offered Shares at $3.00 per share and also announced that the underwriters exercised their full over-allotment option to purchase 3,150,000 shares in addition to the originally announced 21,000,000 share offering. The total net proceeds to the Company from the offering, after deducting the underwriters' discount of approximately $2.9 million and before deducting estimated offering expenses, were approximately $69.5 million.

The company expects to use the net offering proceeds to repay currently outstanding debt and to make payments in connection with the purchase of six drybulk vessels.

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