Top Tanker (TOPT) Reports Q2 Results

ATHENS, Greece, Aug. 3 /PRNewswire-FirstCall/ -- TOP Tankers Inc
(Nasdaq: TOPT) today announced its operating results for the second quarter
and first half of 2007.

For the three months ended June 30, 2007, the Company reported net
income of $5,789,000, or $0.18 per share, compared with net loss of
$6,838,000, or $0.24 per share, for the second quarter of 2006. The
weighted average numbers of basic shares used in the computations were
32,477,736 and 29,586,783 for the second quarter of 2007 and 2006,
respectively. The results for the second quarter of 2007 and 2006 include
net revenues of $910,000, or $0.03 per share and $103,000, or $0.00 per
share, respectively, of special items(1) that affected the Company's net
income for the second quarter of 2007 and 2006 that are typically excluded
by securities analysts in their published estimates of the Company's
financial results, which are described in Appendix A of this release. For
the three months ended June 30, 2007, operating income was $7,164,000,
compared with operating loss of $1,640,000 for the second quarter of 2006.
Adjusted EBITDA(1) for the second quarter of 2007 was $16,817,000, compared
with $8,459,000 for the second quarter of 2006. Voyage revenues for the
second quarter of 2007 were $75,289,000, compared to $69,857,000 recorded
in the second quarter of 2006.

For the six months ended June 30, 2007, the Company reported net income
of $6,736,000, or $0.21 per share, compared with net income of $23,323,000,
or $0.78 per share, for the first half of 2006. The weighted average
numbers of basic shares used in the computations were 32,404,838 and
28,847,107 for the first half of 2007 and 2006, respectively. The results
for the first half of 2007 include net revenues of $1,890,000, or $0.06 per
share and the results of the respective period of 2006 include net charges
of $2,569,000, or $0.09 per share, of special items that affected the
Company's net income for the first half of 2007 and 2006 that are typically
excluded by securities analysts in their published estimates of the
Company's financial results, which are described in Appendix A of this
release. For the six months ended June 30, 2007, operating income was
$8,560,000, compared with $36,330,000 for the first half of 2006. Adjusted
EBITDA for the first half of 2007 was $27,604,000, compared with
$64,066,000 for the same period last year. Voyage revenues for the six
month period ended June 30, 2007 were $149,277,000, compared to
$171,603,000 recorded in the first half of 2006.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP
Tankers Inc, commented, "During the second quarter of 2007, we generated a
significant increase in our results, as compared to the second quarter of
2006. This increase was mainly driven by:

-- The improved market conditions, especially in the Suezmax sector. The
average Suezmax daily spot rate on a TCE basis was $42,106 in the
second quarter of 2007, as compared to $40,314 in the second quarter of
2006. In addition, our time charter agreements helped the overall
Suezmax daily TCE rate to increase to $39,840 in the second quarter of
2007 as compared to $37,031 in the second quarter of 2006.

-- The increased utilization of our fleet. After the extensive upgrading
works that took place in 2006, our overall fleet utilization increased
to 91.8% in the second quarter of 2007 as compared to 86.4% in the
second quarter of 2006. Especially in the Suezmax sector, the
utilization rate increased to 90.6% in the second quarter of 2007 as
compared to 75.4% in the second quarter of 2006.

-- The re-acquisition of 4 Suezmax vessels. While we will see the first
full quarter effect from the re-acquisition of these vessels in the 3rd
quarter of the year, we expect the re-acquisition to contribute
approximately $0.02 per share in this quarter and approximately $0.05
per quarter thereafter.

In addition, we issued a total of 4.3 million shares at an average net
price of $6.84 per share, including 2.1 million shares to Mr. George
Economou. We believe that the participation of such a prominent shipping
investor constitutes a vote of confidence in our Company and our
management.

Recently, we announced that we are entering the dry bulk sector, which
we believe is a market with very strong fundamentals. The vessels that we
have agreed to acquire are all fixed at strong rates and are expected to
generate significant cash flows and returns on our investment.

Consistent to our commitment to provide high quality vessel management
services, we have undertaken through our wholly-owned vessel management
subsidiary, TOP Tanker Management Inc., the technical management of eleven
vessels of our fleet and three more are scheduled to be added later this
year. TOP Tanker Management Inc. has built a management team with
significant experience in operating large and diversified fleets of tankers
and drybulk carriers and has expertise in all aspects of commercial,
technical, management and financial areas of our business.

We have committed three vessels to carry the Greek flag, which is one
of the highest esteemed registries in the shipping industry. One tanker,
the M/T Stormless has already completed its re-flagging in July and two
more will follow in the near future.

Additionally, we have initiated a process to employ well-trained Greek
officers for our fleet. So far we have hired 24 skilled seafarers for
eleven of our vessels. We expect these officers to contribute significantly
to the quality and efficient operations of our vessels.

We believe that the above will increase the quality level of our
management services and will reduce costs associated to third-party
managers.

Finally, we will continue to monitor both markets for such accretive
acquisitions with significant revenues and returns to our shareholders."

***

Fleet Report:

As of June 30, 2007, the Company's fleet size was 23 vessels, or 2.3
million dwt (including 14 vessels sold and leased back for a period of 5 to
7 years) as compared to 27 vessels, or 2.6 million dwt on June 30, 2006.

In April 2007, the Company sold the Suezmax tanker M/T Errorless for
$52.5 million, resulting in a book gain of $2.0 million. The vessel was
delivered to its new owners on April 30, 2007.

In April 2007, the owner and lessor of M/T Invincible sold the vessel
to a third party. The Company and the lessor mutually agreed to terminate
the bareboat charter. The termination of the bareboat charter became
effective upon the vessel's delivery to her new owners, in July 2007.

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 (DWT 136,055 built 1993), M/T Endless (DWT 135,915 built 1992),
M/T Noiseless (DWT 149,554 built 1992) and the M/T Stainless (DWT 149,599
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.
These vessels are scheduled to be delivered to the Company between
September 2007 and January 2008.

In July 2007, the owner and lessor of M/T Restless and M/T Victorious
agreed to sell the vessels to a third party. The Company and the lessor
mutually agreed to terminate the bareboat charters for these vessels. The
termination of the bareboat charters will become effective upon the
vessels' delivery to their new owners, expected to take place late August
2007.

Fleet Deployment:

During the second quarter of 2007, the Company had approximately 67% of
the fleet's operating days on long-term employment contracts. As of June
30, 2007, sixteen of the Company's 23 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.

In May 2007, the Company announced a new time charter contract with a
major South American oil company for its Suezmax M/T Flawless. The vessel
earns $44,500 net per day for one year and charterers have the option to
extend the contract for an additional one year.

The Company has secured approximately 59% of the estimated operating
days for 2007 under time charter contracts. At the same time, the seven
Suezmaxes that will operate in the spot market, together with the
profit-sharing component of the time charter contracts, expose
approximately 65% of the Company's estimated operating days for 2007 to
spot rates, which may be potentially higher.

Suezmax Fleet:

During the second quarter of 2007, seven of the Company's Suezmax
tankers operated in the spot market, earning on average $42,106 per vessel
per day on a time charter equivalent (TCE) basis.

During the second quarter of 2007, five of the Company's Suezmax
tankers operated under time charter contracts, earning on average $35,831
per vessel per day on a time charter equivalent (TCE) basis.

As of the date of this release, the Company's Suezmax fleet for the
third quarter of 2007 has been fixed for employment as follows:

Spot: 53% of operating days at average daily TCE of $30,000 Total (Spot
and time charter, including profit sharing): 69% of operating days at
average daily TCE of $34,000.

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 second quarter of 2007, including the profit sharing
allocated to the Company, the Handymax fleet earned on average $21,554 per
vessel per day on a time charter equivalent (TCE) basis.

As of the date of this release, the Company's Handymax fleet for the
third quarter of 2007 has been fixed for 44% of its operating days at
average daily TCE of $20,000.

***