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Top Tankers Inc News

20 Feb 2009

TOP Ships Delivers Its First Newbuild

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.

21 Dec 2007

Top Ships Takes Drybulk Carrier Delivery

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

11 Dec 2007

TOP Tankers Closes Offering

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.

17 Aug 2004

TOP Tankers Takes Third Vessel

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.

23 Aug 2004

TOP Tankers Takes Delivery of Fourth Vessel in Series of Ten

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.

26 Aug 2004

TOP Announces Delivery of Sixth in Series of Ten

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.

30 Sep 2004

TOP Tankers Announces Delivery of Tenth Vessel

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.

11 Nov 2004

TOP Tankers Announces Completion of Follow-On Offering

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.

30 Nov 2004

TOP Tankers Announces the Sale of Single Hull Vessel

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."

03 Aug 2005

TOP Tankers Announces Sale and Leaseback of Two Handymax Tankers

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.

06 Nov 2007

TOP Tankers Announces Release of 3Q Results and Conference Call

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.

12 Nov 2007

Top Tankers Shares Hit Year-low

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.

14 Aug 2007

TOP Tankers to Acquire Drybulk Panamax Vessels

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.

13 Jul 2007

TOP Tankers Acquires Drybulk Ships for $149m

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.

29 May 2007

TOP Tankers Announces Re-Acquisition of Suezmax Tankers

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.

17 May 2007

TOP Tankers Announces New Time-Charter Contract

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.

11 May 2007

TOP Tankers Announces Date of 1Q Results Release

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.

20 Dec 2006

TOP Tankers Announces New Charter Contract

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.

28 Sep 2006

TOP Tankers Announces Sale of the M/T Taintless

TOP Tankers Inc announced the sale of Taintless, a 46,217 Dwt, double-hull Handymax tanker built in 1999. The sale will result in a book profit of approximately $4 million, which will be recognized in the 4th quarter of 2006. The vessel is expected to be delivered to its new owners within the next 60 days.

11 Oct 2006

TOP Tankers Sells Handymax Vessel

TOP Tankers Inc. on said it expects to book a profit of about $4m from the sale of one its tankers to an undisclosed buyer. The company said it plans to recognize the gain in the fourth quarter, but didn't disclose the sale price. The Taintless, a double-hull Handymax tanker built in 1999, will be delivered to its new owners in the next 60 days, the company said. The sale of the vessel brings the company's fleet of 26 tankers to 13 double-hull Suezmax tankers and 13 double-hull Handymax tankers, with a total capacity of about 2.5m tons. Source: AP

03 Nov 2006

TOP Tankers Announces Sale of Tanker

TOP Tankers Inc., announced the sale of Topless, a 47,262 Dwt, double-hull Handymax tanker built in 1998. The vessel is expected to be delivered to its new owners within the next 60 days. The sale will result in a book profit of approximately $5.5 million, which will be recognized upon delivery of the vessel.

05 Dec 2006

TOP Tankers Order for Handymax Product / Chemical Tankers

TOP Tankers Inc, has entered into an agreement with SPP Shipbuilding Co, Ltd of the Republic of Korea for the construction of four 50,000 dwt Product / Chemical tankers. The vessels will be delivered during the first and second quarters of 2009. The Company also has the option to order two additional tankers with the same specifications and delivery period. The total investment for the Company (excluding the option) will be approximately $190.9 million, which will be funded with secured credit lines and working capital. The Company also announced that it has amicably agreed with Glencore for the earlier redelivery of three 154,970 dwt Suezmax tankers, the M/T Flawless, the M/T Timeless and the M/T Stopless, all built in 1991 by Hyundai Heavy Industries Co of the Republic of Korea.

08 Dec 2006

TOP Tankers Reports Financial Results

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…