TOP Tankers Announces Delivery of Tenth Vessel

Thursday, September 30, 2004
TOP Tankers Inc has taken delivery of M/T Timeless, a 154,970 Dwt, double-hull Suezmax tanker, built in 1991 by Hyundai Heavy Industries Co., Ltd. of the Republic of Korea. This delivery is the last in a series of ten identified tankers, detailed in the Company's initial public offering on July 23, 2004. The vessel will commence its dry-docking for a scheduled intermediate survey within the next few weeks, after which it is expected to be deployed in the spot market during the fourth quarter of fiscal 2004. Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc, said, "The integration of the identified fleet took place during the Company's first quarter as a public company. "We're proud to own a high quality fleet of 16 vessels, most of them sister ships. Our 1.1 million Dwt carrying capacity is 95 percent double-hull, which is one of the largest percentages in the industry. Furthermore eight of our vessels are ice-class." Mr. Pistiolis also noted that the Company is currently monitoring the market to identify additional acquisition opportunities to further increase its fleet.
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