Top Tankers News

TOP Ships Inc. (NASDAQ: TOPS) announced on Feb. 18 that it has taken delivery of the M/T Miss Marilena from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The Miss Marilena is the first of six 50,000 dwt product/chemical tankers to be delivered within the first and second quarter of 2009. The Miss Marilena has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,400. 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.

Top Ships Inc., which operates a fleet of crude-oil tankers and drybulk vessels, has taken delivery of a a 2000-built Panamax drybulk vessel. The company, formerly known as Top Tankers Inc., said the 75,681-deadweight-ton vessel will immediately enter the spot market, earning about $70,000 per day for its first voyage. Panamaxes are the largest drybulk carriers that can fit through the locks of the Panama Canal. The vessel has been financed with secured bank debt, the company said, and is the second of six drybulk carriers set for delivery. Shares rose 5 cents to $3.64 in midday trading. The stock has ranged between $3.03 and $8.40 in the past year. Source: AP

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.

Top Tankers fell to a new low on Monday. The stock fell for the first two hours of the session and then added another decline in the afternoon. Shares finished at $3.59, down 56 cents on the session. The stock has been trending lower for about six weeks and has given up $3.50 over the span. Souce: Trading Markets

TOP Tankers Inc., took delivery of M/T Invincible, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1992 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. The delivery of the M/T Invincible represents the third of 10 double-hull tankers the company expects to acquire from its current owners from the proceeds of its initial public offering announced on July 23, 2004. This third delivery increases the size of the fleet to 10 tankers, consisting of 2 Suezmax tankers, 5 Handymax tankers, and 3 Handysize tankers. TOP Tankers Inc. is an international provider of worldwide seaborne crude oil and petroleum products transportation services.

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.

TOP Tankers Inc, announced that it took delivery of M/T Restless, 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 Restless represents the sixth of 10 double-hull tankers the Company is acquiring using the proceeds of its initial public offering announced on July 23, 2004. This sixth delivery increases the size of the fleet to 13 tankers, consisting of 2 Suezmax tankers, 8 Handymax tankers and 3 Handysize tankers.

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.

TOP Tankers Inc announced the completion of its follow-on offering of 8,306,452 common shares, as well as 1,245,968 shares purchased by the underwriters to cover over-allotments. The net proceeds for the Company were approximately $141.6 million, a portion of which will be used for the acquisition of five double-hull Suezmax tankers from an unrelated third party.

TOP Tankers Inc announced today the sale of M/T Med Prologue, a 29,990 dwt, single-hull handysize tanker built in 1985, to an unrelated party. The sale will result in a book profit of approximately $0.4 million, which will be recognized in the 4th quarter of 2004. The vessel is expected to be delivered to its new owners by December 31, 2004. Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc, commented, "The sale of M/T Med Prologue is consistent with our Company's policy of operating a high quality, double-hull fleet. Following the sale of the vessel and the delivery of our 5 newly acquired Suezmax tankers, 98.4 percent of our tonnage will be double-hull."

Diana Shipping on Tuesday filed to sell 12.375 million shares at $15-$17 each in a bid to raise up to $210 million in its initial public offering. It's the latest in a series of shipping companies to float shares in the U.S. market. Based in the Marshall Islands and Athens, Greece, Diana Shipping is going public via underwriter Bear Stearns. The operator of dry ships that transport iron ore, grain and coal plans to trade on the New York Stock Exchange under the symbol DSX. On Feb. 3, DryShips (DRYS, Trade) shares rose 12 percent over their $18 offering price in their debut in Wall Street's most recent shipping IPO. The stock is trading near $23. IPOs from Arlington Tankers (DRYS, Trade), Top Tankers (TOPT, Trade) and Hornbeck Offshore (HOS, Trade) have also kicked off in the past year.

tankers M/T Restless and M/T Sovereign. operational and commercial management of the vessels. contracts. seven-year bareboat charter period. charters will qualify as operating leases under U.S. GAAP. Evangelos J.

TOP Tankers Inc (Nasdaq: TOPT) announced plans to release its third quarter 2007 results on Thursday, November 8, 2007, before market opening. That same day, at 11:00 AM EST, management will host a conference call, which will be broadcast live over the Internet.

Top Tankers Inc., which transports refined petroleum products and crude oil, reported a wider third-quarter loss on lower demand and rates for its vessels, sending shares down as much as 12 percent to a new year-low. Prolonged warm weather in most parts of Europe and the United States, higher-than-anticipated fuel-oil inventories at the beginning of the period and constant rise of oil prices, led to a softer demand for crude oil during the quarter, the Greek company said according to a Reuters report. Total available ship days fell to 1,987 during the latest third quarter, from 2,484 in the year-ago quarter. Total average time charter equivalent fell 20 percent to $22,467 per ship per day.

Shares of Top Tankers (NASDAQ:TOPT) Inc. fell after the company said its third-quarter loss widened from the previous year. The Athens, Greece-based crude-oil shipper posted a net loss of $18.4m, or 50 cents a share. Voyage revenue fell to $51.2m. The company said revenue fell on weakness in its crude oil division. In the year-ago period, the company posted a net loss of $11.4m, or 35 cents a share, on voyage revenue of $70.6m. Shares of Top Tankers fell 7.7% to $4.65. [Source: Thomson Financial]

TOP Tankers Inc has entered into agreements to acquire three drybulk panamax vessels. The vessels are scheduled to be delivered between September 2007 and March 2008 and to enter into spot market trading. The aggregate purchase price of the vessels is approximately $222 million. The Company intends to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings.

in China. of 18 months at a daily net rate of $25,650 on a bareboat basis. One 1995 built panamax vessel of 73,506 dwt, built in South Korea. net rate of $29,700. One 2000 built handymax vessel of 45,526 dwt, built in Philippines. net rate of $22,000. which is expected to be granted by July 16, 2007. The vessels are scheduled to be delivered to the Company between September 2007 and January 2008. Evangelos Pistiolis, the Company's CEO, said "This acquisition represents the Company's first entry into the drybulk sector, which has demonstrated significant growth in the past few years and is expected to remain robust based on strong fundamentals.

TOP Tankers Inc said that it has entered into an agreement to re-acquire four suezmax tankers that it sold in 2006 in a sale and lease-back transaction, and to terminate the respective operating leases. (DWT 149,599 built 1992). back transactions and 20% by existing cash balances. to close early June 2007. Lessors to a third party. 2007. operations and earnings per share.

TOP Tankers Inc it has entered into a time-charter contract with a major South American oil company for the M/T Flawless, a 154,970 DWT double-hull Suezmax tanker, built in 1991 by Hyundai Heavy Industries Co. Ltd of the Republic of Korea. The vessel is expected to commence the new time-charter in mid-June 2007 for a period of one year at a rate of $44,500 per day. The charterers have the option to extend the contract for a period of one year at the conclusion of the charter.

TOP Tankers Inc announced plans to release its first quarter 2007 results on Thursday, May 17, before market opening. That same day, at 11:00 AM EDT, management will host a conference call, which will be broadcast live over the Internet. Those interested in listening to the live webcast may do so by going to the Company's website at http://www.toptankers.com, or by going to http://www.investorcalendar.com. Participants should dial into the call 10-15 minutes before the scheduled time using the following numbers: 877 407 8035 (from the US and Canada) or +1 201 689 8035 (from outside the US and Canada). A live webcast of the conference call will also be accessible via the Internet at http://www.toptankers.com, or by going to http://www.investorcalendar.com.

TOP Tankers Inc has entered into a time-charter contract for the M/T Stormless, a 150,038 DWT double-hull Suezmax tanker, built in 1993 by Mitsui Engineering & Shipbuilding Co. Ltd of Japan. The vessel is expected to commence the new time-charter by the end of December for a period of three years, at a rate of $36,900 per day.

TOP Tankers Inc., announced its operating results for the third quarter and nine-month period of 2006 and restatement of first, second quarter and first half of 2006 unaudited financial statements. For the three months ended September 30, 2006, the company reported net loss of $11,394,000, or $0.35 per share, compared with net income of $7,921,000, or $0.28 per share, for the third quarter of 2005. The weighted average numbers of basic shares used in the computations were 32,163,137 and 28,020,990 for the third quarters of 2006 and 2005, respectively. The results for the third quarter of 2006 and 2005 include net charges of $5,377,000…

The Greek ship maker’s revenues grew 41 percent from $50 million to $70.6 million in compared to the same period a year ago. While revenue increased, it failed to match the rise in charter hire expenses that jumped from around $2 million to $29 million in 2005 third quarter. The company also restated its earnings for the first and second fiscal quarters in 2006 to remedy the accounting treatment for certain sale and leaseback transactions. The restatement would deduct $55 million from a gain on a seller's credit of $96 million. This would reduce earnings per-share by 1 cent in the first quarter and 7 cents in the second quarter. Net income per share in all subsequent quarters until Dec. 31, 2010 would be reduced by about 7 cents, the company stated.