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."