-- A fleet of eight double-hull Handymax tankers and an average age of
2.6 years with a total carrying capacity of approximately 0.4 million dwt,
of which 76% are sister ships. Two of the Company's Handymaxes are on time
charter contracts with an average term of 9 months with both of the time
charters including profit sharing agreements above their base rates. Six of
the Company's Handymax tankers are fixed on a bareboat charter basis with
an average term of 8.4 years.
-- A fleet of five drybulk vessels with a total carrying capacity of
approximately 0.3 million dwt and an average age of 8.5 years, of which 47%
are sister ships. All of the Company's drybulk vessels have fixed rate
employment contracts for an average period of 23 months.
Forward-Looking Statements
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. 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 reflect our
current views with respect to future events and financial performance and
may 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," "may," "should," "expect," "pending" and
similar expressions identify forward-looking statements.
Important factors that, in our view, could affect the matters discussed in
these forward-looking statements include, general market conditions,
including fluctuations in charter rates and vessel values, changes in the
demand for our vessels, offers that may be received from third parties,
potential liability from pending or future litigation, general domestic and
international political conditions, 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.
Contact Information: Contacts: Investor Relations / Media: Ramnique Grewal Vice President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 E-Mail: topships@capitallink.com Company: Alexandros Tsirikos Chief Financial Officer TOP Ships Inc. 1, Vassilissis Sofias Str. & Meg. Alexandrou Str. 151 24, Maroussi, Greece Tel: +30 210 812 8180 Email: atsirikos@topships.org