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.