TOP Tankers Inc has taken delivery of two double-hull tankers, the M/T Ioannis P, a 46,346 DWT Handymax product tanker, built in 2003 by Hanjin Heavy Industries
& Construction Co Ltd of the Republic of Korea, and the Ellen P, a 146,268 DWT tanker, built in 1996 by Harland & Wolff
Heavy Industries Ltd, of the United Kingdom. Both vessels have been financed
with the Company's cash reserves and secured bank credit lines.
The M/T Ioannis P has entered into a five-year profit-sharing employment
agreement with Glencore SA, one of the world's largest oil traders.
The M/T Ellen P is the second of four Suezmax deliveries for the fourth
quarter of 2005, with the remaining two vessels expected to be delivered by
the beginning of December 2005. The vessel will immediately enter a back-haul
spot voyage at a TCE rate of approximately $60,000 per day.