TOP Ships Announces Posting of Annual Report on Its Corporate Website
Wednesday, August 27th 2008
TOP Ships Inc. announced today that, pursuant to NASDAQ Rule 4350(b)(1)(A), it has posted on its website the Annual Report to Shareholders that it filed on Form 20-F with the U.S. Securities and Exchange Commission on May 21, 2008 (the “Annual Report”). The Annual Report is available on the Company’s website at http://www.topships.org. Shareholders may request a hard copy of the Annual Report free of charge.
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. Upon delivery of the remaining Suezmaxes to their new owners, the Company will operate a combined tanker and drybulk fleet as follows:
— A fleet of seven double-hull Handymax tankers, with a total carrying capacity of approximately 0.3 million dwt, of which 58% are sister ships. All of the Company’s Handymaxes will be on time charter contracts with an average term of two years with all of the time charters including profit sharing agreements above their base rates.
— Six newbuilding product tankers, which are expected to be delivered in the first half of 2009. All the expected newbuildings have fixed rate bareboat employment agreements for periods between seven and ten years.
— A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 70% are sister ships. All of the Company’s drybulk vessels have fixed rate employment contracts for an average period of 30 months.
Website: http://www.topships.org
