TOP Tankers’ Two New Ships

TOP Tankers Inc announced delivery of two double-hull tankers; the M/T Ioannis P, a 46,346 DWT Handymax product tanker, built in 2003 by Hanjin Heavy Industries & Construction Co., and the Ellen P, a 146,268 DWT tanker, built in 1996 by Harland & Wolff Heavy Industries, of the United Kingdom. Both vessels have been financed with the Company's cash reserves and secured bank credit lines. The M/T Ioannis P has entered into a five-year profit-sharing employment agreement with oil-trader Glencore SA. The M/T Ellen P is the second of four Suezmax deliveries for the fourth quarter of 2005, with the remaining two vessels expected to be delivered by the beginning of December 2005. The vessel will immediately enter a back-haul spot voyage at a TCE rate of approximately $60,000 per day.