TOP Tankers Takes Delivery of Fourth Vessel in Series of Ten

Monday, August 23, 2004
TOP Tankers Inc announced took delivery of M/T Victorious, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1991 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. As with all the Company's Handymax tankers, the vessel commenced its 2-year profit-sharing employment contract with a major oil trader. The delivery of the M/T Victorious represents the fourth of 10 double-hull tankers the Company expects to acquire using the proceeds of its initial public offering announced on July 23, 2004. This fourth delivery increases the size of the fleet to 11 tankers, consisting of 2 Suezmax tankers, 6 Handymax tankers and 3 Handysize tankers.

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