Top Ships Inc. Announces Expiration of 2014 Warrants

TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced today the expiration of the 5-year warrants to purchase common shares of the Company that were issued on June 11, 2014.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

“All of the warrants issued 5 years ago in connection with our June 2014 offering have now been extinguished. Therefore, there will be no further dilution to our shareholders as a result of the 2014 Warrants. The expiration of these warrants will result in a simpler capital structure and eliminate an element of volatility that has been affecting our financial results since 2014.”

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.For more information about TOP Ships Inc., visit its website: www.topships.org.

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,” “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.

Contacts:Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: [phone]Email: [e-mail]