TOPT Top Tankers Inc. (MM)

ATHENS, Greece, Nov. 8 /PRNewswire-FirstCall/ -- TOP Tankers Inc. (NASDAQ:TOPT) today announced its operating results for the third quarter and the nine-month period of 2007. For the three months ended September 30, 2007, the Company reported net loss of $18,373,000, or $0.50 per share, compared with net loss of $11,394,000, or $0.35 per share, for the third quarter of 2006. The weighted average numbers of basic shares used in the computations were 36,668,436 and 32,163,137 for the third quarter of 2007 and 2006, respectively. For the three months ended September 30, 2007, operating loss was $11,696,000, compared with operating loss of $2,485,000 for the third quarter of 2006. Voyage revenues for the third quarter of 2007 were $51,193,000, compared to $70,646,000 recorded in the third quarter of 2006. For the nine months ended September 30, 2007, the Company reported net loss of $11,637,000, or $0.34 per share, compared with net income of $11,929,000, or $0.37 per share, for the nine months ended September 30, 2006. The weighted average numbers of basic shares used in the computations were 33,841,655 and 29,964,597 for the nine months ended September 30, 2007 and 2006, respectively. For the nine months ended September 30, 2007, operating loss was $3,136,000, compared with operating income of $33,845,000 for the nine months ended September 30, 2006. Voyage revenues for the nine months ended September 30, 2007 were $200,470,000, compared to $242,249,000 recorded in the nine months ended September 30, 2006. Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc., said, "We believe that our expansion into the drybulk sector is a major strategic initiative for TOPT, and one that should enable TOPT to compete more effectively in the global shipping community. Since the initial announcements of our dry bulker acquisitions, the Baltic Dry Index has been increasing to historic highs. This has generated a significant premium to our investment, well before we take delivery of the vessels. Based on the performance of the Baltic Dry Index, we chose to diversify into the drybulk trade at a very favorable time. We think that the drybulk business will offset any weakness that may occur on the tanker side, and that the overall mix will better position the company." He continued, "We will be taking delivery on our first dry bulker as early as next week, and we expect the remaining dry bulkers that we have agreed to purchase to follow on schedule. We are excited that we will now be one of the few public shipping companies to offer a multi-sector presence in the global arena." Pistiolis said that the market climate for the crude-oil sector of the Company's business has been difficult during the third quarter of 2007. The prolonged warm weather in most parts of Europe and the United States, together with the higher than anticipated fuel-oil inventories at the beginning of the period and the constant rise of oil prices, led to a softer demand for crude oil. Pistiolis continued, "While no one can anticipate the market, we are optimistic for the upcoming winter period and 2008 in general, since demand and supply fundamentals appear favorable. For 2008, the International Energy Agency is forecasting global oil demand to increase by approximately 2.4 percent, while the orderbook in the Suezmax fleet, which is our core crude segment, is one of the lowest across the shipping industry." Pistiolis added, "We are close to completing our extensive upgrading of our fleet, which we expect will further increase its trading capacity and reduce off-hire days and maintenance costs. In addition, we have undertaken the day to day technical management of the majority of our fleet in order to further increase the quality of management services and control our costs." The Company announced that it has proposed to change its name to "TOP SHIPS INC." to reflect its participation in various segments of the shipping industry. The date for the Special Meeting of the Shareholders to vote on this name change has been scheduled for December 13, 2007. The Company also said that it has decided to change its accounting policy for drydocking from the deferral method, under which it amortized drydocking costs over the estimated period between drydockings, to the direct expense method, under which it will expense all drydocking costs as incurred. The Company believes that the direct expense method is preferable as it eliminates the significant amount of time and subjectivity involved to determine which costs and activities related to drydocking qualify for capitalization. The following key indicators serve to highlight changes in the financial performance of the Company's fleet during the third quarters of 2006 and 2007 and the nine month periods ended September 30, 2006 and 2007: Suezmax Fleet Three Months Ended Nine Months Ended September 30, September 30, (In U.S. Dollars unless otherwise stated) 2006 2007 Change 2006 2007 Change Total available ship days 1,196 1,104 -7.7% 3,549 3,396 -4.3% Total operating days 854 856 0.2% 2,858 2,956 3.4% Utilization 71.4% 77.5% 8.6% 80.5% 87.0% 8.1% TCE (2) per ship per day under spot voyage charter 39,378 17,983 -54.3% 48,258 34,585 -28.3% TCE per ship per day under time charter 38,387 35,263 -8.1% 36,634 35,405 -3.4% Average TCE 38,998 25,815 -33.8% 43,731 34,894 -20.2% Other vessel operating expenses per ship per day 7,637 9,417 23.3% 7,569 8,663* 14.4% Handymax Fleet Three Months Ended Nine Months Ended September 30, September 30, (In U.S. Dollars unless otherwise stated) 2006 2007 Change 2006 2007 Change Total available ship days 1,288 883 -31.4% 3,822 2,874 -24.8% Total operating days 1,213 762 -37.2% 3,680 2,606 -29.2% Utilization 94.2% 86.3% -8.4% 96.3% 90.7% -5.8% TCE per ship per day under spot voyage charter - - - - - - TCE per ship per day under time charter 20,633 18,706 -9.3% 20,351 20,276 -0.4% Average TCE 20,633 18,706 -9.3% 20,351 20,276 -0.4% Other vessel operating expenses per ship per day 6,290 7,524 19.6% 5,840 6,733 15.3% Total Fleet Three Months Ended Nine Months Ended September 30, September 30, (In U.S. Dollars unless otherwise stated) 2006 2007 Change 2006 2007 Change Total available ship days 2,484 1,987 -20.0% 7,371 6,270 -14.9% Total operating days 2,067 1,618 -21.7% 6,538 5,562 -14.9% Utilization 83.2% 81.4% -2.1% 88.7% 88.7% 0.0% TCE per ship per day under spot voyage charter 39,378 17,983 -54.3% 48,258 34,585 -28.3% TCE per ship per day under time charter 24,412 24,292 -0.5% 24,132 24,803 2.8% Average TCE 28,221 22,467 -20.4% 30,571 28,045 -8.3% Other vessel operating expenses per ship per day 6,939 8,587 23.8% 6,673 7,782* 16.6% General and administrative expenses per ship per day** 2,390 2,839 18.8% 2,459 2,620 6.5% * The daily Other vessel operating expenses for the Suezmax Fleet and Total Fleet include approximately $124 and $67, respectively for the ballast tank cleaning process of the M/T Faultless, that are not expected to be covered by the insurance underwriters. ** The daily General and Administrative expenses include approximately $705 and $249 for the three-month period and $834 and $201 for the nine-month period ended September 30, 2006 and 2007, respectively, of non-cash restricted stock expense, general compensation provision, specific legal fees and depreciation for other fixed assets. Fleet Report: As of September 30, 2007, the Company's fleet consisted of 20 vessels, or 2.2 million dwt (including 11 vessels sold and leased back for a period of five to seven years) as compared to 27 vessels, or 2.6 million dwt on September 30, 2006. In April 2007, the Company sold the Suezmax tanker M/T Errorless for $52.5 million, resulting in a gain of approximately $2.0 million, which was recognized in the second quarter of 2007. The vessel was delivered to its new owners on April 30, 2007. In April and July 2007, the Handymax tankers M/T Invincible, M/T Victorious and M/T Restless, which the Company was leasing under the 2005 sales and leaseback transaction, were sold by their owners to third parties. Following these sales, the Company terminated the bareboat agreements for these vessels. The termination of the bareboat charters became effective upon the vessels' delivery to their new owners, on July 11, 2007, August 27, 2007 and September 17, 2007, respectively. The unamortized deferred gain as of that date of $8.0 million was recorded in full in the third quarter of 2007. In May 2007, the Company re-acquired four Suezmax tankers previously sold under the sale and lease-back transaction and terminated their respective operating leases. The four Suezmax tankers are Limitless ( 136,055 dwt built 1993), Endless (135,915 dwt built 1992), Noiseless (149,554 dwt built 1992) and Stainless (149,599 dwt built 1992). The re-acquisition price was $208.0 million and was financed by secured bank debt of $147.5 million, the early redemption of the seller's credit of $20.6 million and by existing cash balances. The purpose of the repurchase was to improve the daily breakeven rates of our Suezmax fleet and to increase the Company's owned fleet from five to nine vessels. In May 2007, the Company agreed to re-acquire four Suezmax tankers that it sold in 2006 in a sale and lease-back transaction, and to terminate the respective bareboat charters. The four Suezmax tankers were the M/T Limitless (136,055 dwt built 1993), M/T Endless (135,915 dwt built 1992), M/T Noiseless (dwt 149,554 dwt built 1992) and the M/T Stainless (dwt 149,599 dwt built 1992). The re-acquisition price was $208.0 million and was financed by bank debt, by the early redemption of the seller's credit associated with the 2006 sales and lease back transactions and by existing cash balances. The vessels were delivered in May 2007. In July 2007, the Company entered into agreements to acquire three drybulk vessels from unrelated third parties as follows: (i) a 2002 built super Handymax, or Supramax, vessel of 51,200 dwt, built in China, which will be chartered back to the sellers for a period of 18 months at a daily net rate of $25,650 on a bareboat basis; (ii) a 1995 built panamax vessel of 73,506 dwt, built in South Korea, which will be time-chartered for a period of 24-26 months at a daily net rate of $29,700; and (iii) a 2000 built Handymax vessel of 45,526 dwt, built in Philippines, which will be time-chartered for a period of 14-16 months at a daily net rate of $22,000. The vessels are scheduled to be delivered between November 2007 and January 2008. The aggregate purchase price of the vessels is $148.1 million, of which we paid a deposit totalling in aggregate $14.7 million. We intend to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings. In August 2007, we entered into agreements to acquire another three drybulk vessels from unrelated third parties as follows: i) one 2001 built panamax vessel of 75,928 dwt, built in Japan, ii) one 2000 built panamax vessel of 75,933 dwt, built in Japan and iii) one 2000 built panamax vessel of 75,681 dwt, built in Japan. The vessels are scheduled to be delivered between November 2007 and March 2008 and to enter into spot market trading. The aggregate purchase price of the vessels is $222.0 million, of which we paid a deposit totalling in aggregate $22.2 million. We intend to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings. Fleet Deployment: During the first nine months of 2007, the Company had approximately 67% of the fleet's operating days on long-term employment contracts. As of September 30, 2007, ten of the Company's 20 tankers were on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements. The Company has secured approximately 63% of the estimated operating days for its tanker and dry bulk fleet for 2008 under time charter contracts. Suezmax Fleet: During the third quarter of 2007, seven of the Company's Suezmax tankers operated in the spot market, earning on average $17,983 per vessel per day on a time charter equivalent (TCE) basis. During the third quarter of 2007, five of the Company's Suezmax tankers operated under time charter contracts, earning on average $35,263 per vessel per day on a time charter equivalent (TCE) basis. Handymax Fleet: All of the Company's Handymax tankers operate under long-term employment agreements that provide for a base rate and additional profit-sharing. During the third quarter of 2007, including the profit-sharing allocated to the Company the Handymax fleet earned on average $18,706 per vessel per day on a time charter equivalent (TCE) basis. The following table presents the Company's current fleet list and employment: Profit Sharing Daily Above Daily Dwt Year Charter Expiry Base Base Charter Built Type Rate Rate Hire (2007) Expense 12 Suezmax Tankers Timeless(C) 154,970 1991 Spot $25,000 Flawless(C) 154,970 1991 Spot $25,000 Stopless(C) 154,970 1991 Time Q3/2008 $35,000 50% $25,000 Charter thereafter Priceless(C) 154,970 1991 Spot $25,000 Faultless(D) 154,970 1992 Spot $23,450 Noiseless(F) 149,554 1992 Time Q2/2010 $36,000(1) None Charter Stainless(F) 149,599 1992 Time Q3/2008(A) $44,500 None Charter Endless(F) 135,915 1992 Time Q4/2008(E) $36,500 None Charter Limitless(F) 136,055 1993 Spot Stormless(F) 150,038 1993 Time Q4/2009 $36,900 None Charter Ellen P(F) 146,286 1996 Spot Edgeless(F) 147,048 1994 Spot 8 Handymax Tankers Sovereign(B) 47,084 1992 Time Q3/2009 $14,000 50% $11,600 Charter thereafter Relentless(B) 47,084 1992 Time Q3/2009 $14,000 50% $11,500 Charter thereafter Vanguard(C) 47,084 1992 Time Q1/2010 $15,250 50% $13,200 Charter thereafter Spotless(C) 47,094 1991 Time Q1/2010 $15,250 50% $13,200 Charter thereafter Doubtless(C) 47,076 1991 Time Q1/2010 $15,250 50% $13,200 Charter thereafter Faithful(C) 45,720 1992 Time Q2/2010 $14,500 100% $13,200 Charter first $500+50% thereafter Dauntless(F) 46,168 1999 Time Q1/2010 $16,250 100% Charter first $1,000+50% thereafter Ioannis P(F) 46,346 2003 Time Q4/2010 $18,000 100% Charter first $1,000+50% thereafter Total Tanker dwt 2,163,001 A. Charterers have option to extend contract for an additional one-year period B. Vessels sold and leased back in August and September 2005 for a period of 7 years C. Vessels sold and leased back in March 2006 for a period of 5 years D. Vessel sold and leased back in April 2006 for a period of 7 years E. Charterers have option to extend contract for an additional four-year period F. Owned vessels (1) Base rate will change to $35,000 in Q2 2008 until expiration. The following table presents information about the drybulk vessels, which are scheduled to be delivered to us between November 2007 and March 2008: Profit Net Daily Sharing Year Charter Base Above Base Dwt Built Type Expiry Rate Rate (2007) Drybulk Vessel #1 51,200 2002 Bareboat May 1st or June $25,650 None Charter 30th 2009, at charterer's option Drybulk Vessel #2 73,506 1995 Time 24-26 months $29,700 None Charter from delivery, at charterer's option Drybulk Vessel #3 45,526 2000 Time 14-16 months at $22,000 None Charter charterer's option Drybulk Vessel #4 75,928 2001 Spot Drybulk Vessel #5 75,933 2000 Spot Drybulk Vessel #6 75,681 2000 Spot Total Drybulk dwt 397,774 Liquidity and Capital Resources As of September 30, 2007, TOP Tankers had total indebtedness under senior secured credit facilities of $338.6 million with its lenders, the Royal Bank of Scotland ("RBS"), HSH Nordbank ("HSH"), and DVB Bank ("DVB") maturing in 2015, 2013 and 2012 respectively. As of September 30, 2007, the Company has three interest rate swap agreements with RBS for the amounts of $30.1 million, $10.0 million and $10.0 million for a period of four, seven and seven years, respectively. Under these agreements the interest rate is fixed at an effective annual rate of 4.66% (in addition to the applicable margin), 4.23% and 4.11%, respectively. The Company also has one interest rate swap agreement with HSH for the amount of $38.3 million for a period of five years, at a fixed interest rate of 4.80% in addition to the applicable margin. In addition, the Company has two interest rate swap agreements with Deutsche Bank and Egnatia Bank for the amounts of $50.0 million and $10.0 million for a period of seven and seven years, respectively. Under these agreements the interest rate is fixed at an effective annual rate of 4.45% and 4.76%, respectively. The above swaps of $10.0 million, $10.0 million, $50.0 million and $10.0 million, include steepening terms based on the 2 and 10 year swap difference, which is calculated quarterly in arrears. The interest rate for the remaining balance of the loans is LIBOR, plus the margin. On September 30, 2007, the Company's ratio of indebtedness to total capital was approximately 60.8%. In the second and third quarter of 2007, the Company issued 4.3 million shares of common stock, at par value of $0.01. The net proceeds to the Company totaled $29.4 million. These securities were sold by the Company's sales agent, Deutsche Bank Securities Inc., through a combination of at-the-market sales and negotiated transactions. Change in Accounting Principle The Company has historically accounted for drydocking costs that qualified as "Planned Major Maintenance Activities" ("PMMA") using the deferral method. Beginning with the fourth quarter of 2007 the Company intends to change its accounting policy for PMMA from the deferral method, under which the Company amortized drydocking costs over the estimated period of benefit between drydockings, to the direct expense method, under which the Company will expense all drydocking costs as incurred. The Company believes that the direct expense method is preferable as it eliminates the significant amount of time and subjectivity involved to determine which costs and activities related to drydocking qualify as PMMA under the deferral method. The Company will reflect this change as a change in accounting principle from an accepted accounting principle to a preferable accounting principle in accordance with Statement of Financial Accounting Standards No. 154, Accounting Changes and Error Corrections. The new accounting principle will be presented retrospectively to all periods presented in future earnings releases and filings. When the accounting principle is retrospectively applied, net income for the year ended December 31, 2006 and the nine month period ended September 30, 2007 will decrease by approximately $26.1 million and $0.07 million, or $0.86 per share and $0.01 per share, respectively. Conference Call and Webcast TOP Tankers' management team will host a conference call to review the results and discuss other corporate news and its outlook on Thursday, November 8, 2007, at 11:00 AM EST. 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/. The telephonic replay of the conference call will be available by dialing 877 660-6853 (from the US and Canada) or +1 201 612 7415 (from outside the US and Canada) and by entering account number 286 and conference ID number 261403. An online archive will also be available immediately following the call at the sites noted above. Both are available for one week, through November 15, 2007. About TOP Tankers Inc. TOP Tankers Inc. is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company operates a fleet of 20 tankers, consisting of 12 double-hull Suezmax tankers and 8 double-hull Handymax tankers, with a total carrying capacity of approximately 2.2 million dwt, of which 87% are sister ships, and six drybulk vessels of approximately 0.4 million dwt. Thirteen of the Company's 20 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements. Three drybulk vessels have period charter contracts for an average period of 18 months. Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward- looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, failure of a seller to deliver one or more vessels or of a buyer to accept delivery of one or more vessels, inability to procure acquisition financing, default by one or more charterers of our ships, changes in the demand for crude oil and petroleum products, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (1) Consistent with general practice in the tanker shipping industry, time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing net voyage revenue by voyage days for the relevant time period. Net voyage revenues are voyage revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Contact: Michael Mason (investors) Stamatis Tsantanis, CFO Allen & Caron Inc. TOP Tankers Inc. 212 691 8087 011 30 210 812 8199 TOP TANKERS INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars - except for share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2006 2007 2006 2007 (Unaudited) (Unaudited) (Unaudited) (Unaudited) REVENUES: Voyage revenues $70,646 $51,193 $242,249 $200,470 EXPENSES: Voyage expenses 12,314 14,841 42,374 44,485 Charter hire expense 29,847 19,727 66,454 76,083 Amortization of deferred gain on sale and leaseback of vessels (2,433) (9,609) (5,677) (14,250) Other vessel operating expenses 17,235 17,062 49,184 48,792 Depreciation and amortization 10,206 15,286 37,651 34,059 General and administrative expenses 5,936 5,641 18,128 16,425 Foreign currency (gains) / losses, net 26 (59) 290 (27) Gain on sale of vessel - - - (1,961) Operating income (loss) (2,485) (11,696) 33,845 (3,136) OTHER INCOME (EXPENSES): Interest and finance costs (9,801) (7,349) (24,089) (10,834) Interest income 989 681 2,119 2,347 Other, net (97) (9) 54 (14) Total other expenses, net (8,909) (6,677) (21,916) (8,501) Net Income (loss) $(11,394) $(18,373) $11,929 $(11,637) Earnings (loss) per share, basic and diluted $(0.35) $(0.50) $0.37 $(0.34) Weighted average common shares outstanding, basic 32,163,137 36,668,436 29,964,597 33,841,655 Weighted average common shares outstanding, diluted 32,163,137 36,668,436 29,996,339 33,841,655 TOP TANKERS INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Expressed in thousands of U.S. Dollars - except for share and per share data) December 31, September 30, 2006 2007 ASSETS (Unaudited) (Unaudited) CURRENT ASSETS: Cash and cash equivalents $29,992 $15,834 Other current assets 42,807 28,935 Total current assets 72,799 44,769 ADVANCES FOR VESSELS ACQUISITIONS / UNDER CONSTRUCTION 28,683 81,701 VESSELS, NET 306,418 409,261 OTHER NON-CURRENT ASSETS 64,835 63,912 RESTRICTED CASH 50,000 25,000 Total assets $522,735 $624,643 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $16,588 $40,190 Other current liabilities 24,021 29,130 Total current liabilities 40,609 69,320 INTEREST RATE SWAPS 3,384 2,520 LONG-TERM DEBT, net of current portion 201,464 294,941 DEFERRED GAIN ON SALE AND LEASEBACK OF VESSELS 79,423 41,628 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY 197,855 216,234 Total liabilities and stockholders' equity $522,735 $624,643 TOP TANKERS INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. Dollars) Nine Months Ended September 30, 2006 2007 (Unaudited) (Unaudited) Cash Flows from (used in) Operating Activities: Net income (loss) $11,929 $(11,637) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 42,142 35,024 Stock-based compensation 3,427 616 Change in fair value of interest rate swaps 2,996 (864) Amortization of deferred gain on sale and leaseback of vessels (5,677) (14,250) Loss on sale of other fixed assets - 69 Gain on sale of vessel - (1,961) Payments for dry-docking (21,188) (20,146) Change in operating assets and liabilities 11,075 18,981 Net Cash from Operating Activities 44,704 5,832 Cash Flows from (used in) Investing Activities: Advances for vessels acquisitions / under construction - (53,018) Vessel acquisitions and improvements - (187,360) Net proceeds from sale of vessels 474,616 51,975 Increase in restricted cash (36,500) - Decrease in restricted cash - 25,000 Net proceeds from sale of other fixed assets - 72 Other (777) (2,623) Net Cash from (used in) Investing Activities 437,339 (165,954) Cash Flows from (used in) Financing Activities: Proceeds from long-term debt - 157,500 Payments of long-term debt (270,268) (38,907) Issuance of common stock 26,916 29,400 Payment of financing costs (63) (2,029) Dividends paid (217,466) - Net Cash from (used in) Financing Activities (460,881) 145,964 Net increase (decrease) in cash and cash equivalents 21,162 (14,158) Cash and cash equivalents at beginning of period 17,462 29,992 Cash and cash equivalents at end of period $38,624 $15,834 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid $15,975 $9,428 DATASOURCE: TOP Tankers Inc. CONTACT: investors, Michael Mason of Allen & Caron Inc., +1-212-691-8087, , for TOP Tankers Inc.; or Stamatis Tsantanis, CFO of TOP Tankers Inc., 011 30 210 812 8199, Web site: http://www.toptankers.com/ http://www.investorcalendar.com/

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