TOP Ships Reports Fourth Quarter and Fiscal Year 2008 Financial Results

Share Name	Share Symbol	Market	Type
TOP Ships Inc	AMEX:TOPS	AMEX	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.2879	-4.00%	6.9165	7.60	6.9165	7.20	10,469	20:17:51

TOP Ships (AMEX:TOPS)
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ATHENS, Greece April 2 /PRNewswire-FirstCall/ -- TOP Ships Inc. (NASDAQ: TOPS) today announced its operating results for the fourth quarter and the fiscal year ended December 31, 2008. For the three months ended December 31, 2008, the Company reported net income of $8,429,000, or $0.30 per share, compared with net loss of $37,439,000, or $2.67 per share, for the fourth quarter of 2007. The weighted average numbers of common shares used in the computations were 28,090,125 and 14,082,742 for the fourth quarter of 2008 and 2007(1), respectively. For the three months ended December 31, 2008, operating income was $7,952,000, compared with operating loss of $25,982,000 for the fourth quarter of 2007. Revenues for the fourth quarter of 2008 were $36,962,000, compared to $51,789,000 recorded in the fourth quarter of 2007. For the year ended December 31, 2008, the Company reported net income of $25,639,000, or $1.01 per share, compared with net loss of $49,076,000, or $4.09 per share, for the year ended December 31, 2007. The weighted average numbers of common shares used in the computations were 25,445,031 and 11,986,857 for the years ended December 31, 2008 and 2007(1), respectively. For the year ended December 31, 2008, operating income was $61,723,000, compared with operating loss of $29,118,000 for the year ended December 31, 2007. Revenues for the year ended December 31, 2008 were $257,380,000, compared to $252,259,000 recorded in the year ended December 31, 2007. Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented: "The later part of 2008 was very challenging for the shipping industry and the world economy overall. Despite the challenges faced, we achieved another quarter with solid results, which is a product of our successful strategic decisions that were implemented throughout the year. Specifically, during 2008: -- We sold 7 owned suezmax tankers and 1 owned panamax dry bulk vessel for an aggregate sale price of $380.5 million. These sales enhanced our liquidity and created a cash cushion during a period where liquidity is key to the survival of any company. -- We arranged the sale of 6 chartered-in vessels, under bareboat charters, and terminated the respective charters. -- We completed the refinancing of our six new-building product tankers and we chartered all 6 vessels with 3 major charterers at fixed rates for periods that range between 7 and 10 years. These charters have been agreed on a bareboat basis, which not only reduces our long-term market risk relating to the vessels, but also eliminates the Company's operational risk for that period. -- We took delivery of our dry bulk vessels, which are currently deployed on time charters at premium rates. Developments during the fourth quarter of 2008 included: -- As of December 31, 2008, the Company was not in compliance with certain loan covenants. We are currently in advanced discussions with our lending banks to receive waivers of the covenants to 2010. -- We terminated an interest rate derivative product for $5.0 million. When we entered into this product in November 2007, we had received an upfront payment of $8.5 million. -- We completed the refinancing for our new-building product tankers, four of which have already been delivered to their bareboat charterers. -- We commenced our share repurchase program, which allows the Company to purchase up to $20.0 million in our shares over a period of one year." Recent Developments Our Board of Directors has appointed as of April 1st, 2009 Mr. Alexandros Tsirikos to the position of Chief Financial Officer. Mr. Tsirikos, 34, is a UK qualified Chartered Accountant (ACA) and has been employed with Top Ships since July 2007 as the Company's Corporate Development Officer. Prior to joining TOP Ships, Mr. Tsirikos was a manager with PricewaterhouseCoopers where he worked for six years. During his career with PwC, Mr. Tsirikos drew experience both from consulting as well as auditing as a member of the PwC Advisory team and Assurance team. As a member of the Advisory team, he led and participated in numerous projects in the public and the private sectors, involving strategic planning and business modelling, investment analysis and appraisal, feasibility studies, costing and project management. As a member of the Assurance team, Mr. Tsirikos was part of the IFRS (International Financial Reporting Standards) technical team of PwC Greece and led numerous IFRS conversion projects for listed companies. He holds an MSc in Shipping Trade and Finance from City University of London and a Bachelor's Degree with honours in Business Administration from Boston University in the United States. He speaks English, French and Greek. The following key indicators serve to highlight changes in the financial performance of the Company's vessels during the fourth quarters of 2007 and 2008 and the years ended December 31, 2007 and 2008: Suezmax Vessels (In U.S. Dollars Three Months Ended Year Ended unless otherwise December 31, December 31, stated) 2007 2008 Change 2007 2008 Change Total available ship days 1,104 - -100.0% 4,500 2,306 -48.8% Total operating days 845 - -100.0% 3,801 1,782 -53.1% Utilization 76.5% - - 84.5% 77.3% -8.5% TCE(2) per ship per day under spot voyage charter 23,068 - - 32,249 49,337 53.0% TCE per ship per day under time charter 35,205 - - 35,355 39,808 12.6% Average TCE 28,469 - - 33,466 44,655 33.4% Other vessel operating expenses per ship per day 11,618 - - 9,388 13,484 43.6% Handymax Vessels (In U.S. Dollars Three Months Ended Year Ended unless otherwise December 31, December 31, stated) 2007 2008 Change 2007 2008 Change Total available ship days 736 644 -12.5% 3,610 2,789 -22.7% Total operating days 584 638 9.2% 3,190 2,575 -19.3% Utilization 79.3% 99.1% 24.9% 88.4% 92.3% 4.5% TCE per ship per day under spot voyage charter - - - - 33,454 - TCE per ship per day under time charter 16,526 18,998 15.0% 19,589 18,811 -4.0% Average TCE 16,526 19,030 15.2% 19,589 19,496 -0.5% Other vessel operating expenses per ship per day 7,650 8,470 10.7% 6,920 9,029 30.5% Tanker Fleet (In U.S. Dollars Three Months Ended Year Ended unless otherwise December 31, December 31, stated) 2007 2008 Change 2007 2008 Change Total available ship days 1,840 644 -65.0% 8,110 5,095 -37.2% Total operating days 1,429 638 -55.4% 6,991 4,357 -37.7% Utilization 77.7% 99.1% 27.6% 86.2% 85.5% -0.8% TCE per ship per day under spot voyage charter 23,068 - - 32,249 47,511 47.3% TCE per ship per day under time charter 23,842 18,940 -20.6% 24,606 24,285 -1.3% Average TCE 23,588 18,650 -20.9% 27,134 29,786 9.8% Other vessel operating expenses per ship per day 10,030 9,803 -2.3% 8,289 11,046 33.3% Drybulk Fleet (In U.S. Dollars Three Months Ended Year Ended unless otherwise December 31, December 31, stated) 2007 2008 Change 2007 2008 Change Total available ship days 66 460 597.0% 66 1,780 2597.0% Total operating days 41 440 973.2% 41 1,742 4148.8% Utilization 62.1% 95.7% 54.0% 62.1% 97.9% 57.5% TCE per ship per day under spot voyage charter - - - - - - TCE per ship per day under time charter 76,902 53,070 -31.0% 76,902 51,060 -33.6% Average TCE 76,902 53,070 -31.0% 76,902 51,060 -33.6% Other vessel operating expenses per ship per day 10,092 6,241 -38.2% 10,425 6,088 -41.6% Total Fleet (In U.S. Dollars Three Months Ended Year Ended unless otherwise December 31, December 31, stated) 2007 2008 Change 2007 2008 Change Total available ship days 1,906 1,104 -42.1% 8,176 6,875 -15.9% Total operating days 1,470 1,078 -26.7% 7,032 6,099 -13.3% Utilization 77.1% 97.6% 26.6% 86.0% 88.7% 3.1% TCE per ship per day under spot voyage charter 23,068 - - 32,249 47,530 47.4% TCE per ship per day under time charter 26,015 32,871 26.4% 25,060 33,477 33.6% Average TCE 25,075 32,699 30.4% 27,424 35,862 30.8% Other vessel operating expenses per ship per day 10,033 8,319 -17.1% 8,307* 9,762 17.5% General and administrative expenses per ship per day* 4,407 6,392 45.1% 3,036 4,578 50.8% * The daily General and Administrative expenses include approximately $1,153 and $1,303 for the three-month period and $423 and $1,055 for the year ended December 31, 2007 and 2008, respectively, of non-cash restricted stock expense, general compensation, specific legal fees and depreciation for other fixed assets. Fleet Report: As of December 31, 2008, the Company's fleet consisted of 12 vessels, or 0.6 million dwt (including 7 owned and 5 vessels sold and leased back for a period of 5 to 7 years) as compared to 23 vessels, or 2.2 million dwt (including 11 vessels sold and leased back for a period of 5 to 7 years) on December 31, 2007. The Company's fleet size and composition remained unchanged during the fourth quarter of 2008. Fleet Deployment: During the fourth quarter of 2008, the Company had 100% of the fleet's operating days on long-term employment contracts. As of December 31, 2008, all of the Company's 12 vessels were on time charter contracts with an average term of 1.7 years with all but four of the time charters including profit sharing agreements, and one vessel under bareboat charter with a term of over three years. Tanker Vessels: 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 fourth quarter of 2008, the Company's Handymax tankers earned on average $18,998 per vessel per day on a time charter equivalent (TCE) basis, including profit-sharing allocated to the Company. Drybulk Vessels: During the fourth quarter of 2008, four of the Company's drybulk vessels operated under time charter contracts and one under bareboat charter, earning on average $53,070 per vessel per day on a time charter equivalent (TCE) basis, including the amortization of the fair value of time charter contracts of $14,492 per vessel per day. The following table presents the Company's current fleet list and employment: Profit Daily Sharing Year Charter Base Above Base Dwt Built(D) Type Expiry(E) Rate Rate (2009) 11 Handymax Tankers Relentless(A) 47,084 1992 Time Q3/2009 $14,000 50% Charter thereafter Vanguard(B) 47,084 1992 Time Q1/2010 $15,250 50% Charter thereafter Spotless(B) 47,094 1991 Time Q1/2010 $15,250 50% Charter thereafter Doubtless(B) 47,076 1991 Time Q1/2010 $15,250 50% Charter thereafter Faithful(B) 45,720 1992 Time Q2/2010 $14,500 100% first Charter $500 + 50% thereafter Dauntless(C) 46,168 1999 Time Q1/2010 $16,250 100% first Charter $1,000 + 50% thereafter Ioannis P(C) 46,346 2003 Time Q4/2010 $18,000 100% first Charter $1,000 + 50% thereafter Miss Marilena(C) 50,000 2009 Bareboat Q1-2/2019 $14,400 None Charter Lichtenstein(C) 50,000 2009 Bareboat Q1-2/2019 $14,550 None Charter Ionian Wave(C) 50,000 2009 Bareboat Q1-2/2016 $14,300 None Charter Thyrrhenian Wave(C) 50,000 2009 Bareboat Q1-2/2016 $14,300 None Charter 2 Newbuilding Product Tankers Hull S-1031 50,000 2009 Bareboat Q1-2/2019 $14,550 None Charter Hull S-1033 50,000 2009 Bareboat Q1-2/2019 $14,550 None Charter Total Tanker dwt 626,572 5 Drybulk Vessels Cyclades(C) 75,681 2000 Time Q2/2011 $54,250 None Charter Amalfi(C) 45,526 2000 Time Q2/2009 $12,000 None Charter Voc Gallant(C) 51,200 2002 Bareboat Q2/2012 $27,000(F) None Charter Pepito(C) 75,928 2001 Time Q2/2013 $41,000 None Charter Astrale(C) 75,933 2000 Time Q2/2009 $40,000 None Charter Total Drybulk dwt 324,268 TOTAL DWT 950,840 A. Vessels sold and leased back in August and September 2005 for a period of 7 years. B. Vessels sold and leased back in March 2006 for a period of 5 years. C. Owned vessels. D. Year of delivery for the newbuilding product tankers. E. For the newbuilding product tankers, the expected expiry is inserted. F. From May/June 2009 until May/June 2012, the daily base rate will be $24,000. Liquidity and Capital Resources Since the Company's formation, the sources of funds have been cash from operations, long-term borrowings and equity provided by the shareholders. The Company's principal use of funds has been capital expenditures to establish and grow its fleet, maintain the quality of its vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements and make principal repayments on outstanding served loan facilities. The Company expects to rely upon operating cash flows, long-term borrowings and equity financings to implement its future growth plan. As of December 31, 2008, the Company had total indebtedness under senior secured credit facilities of $346.9 million (excluding unamortized financing fees of $4.4 million) with its lenders, the Royal Bank of Scotland ("RBS"), HSH Nordbank ("HSH"), DVB Bank ("DVB"), Alpha Bank ("ALPHA") and Emporiki Bank ("EMPORIKI"), maturing from 2013 through 2019. The Company's unencumbered cash as of December 31, 2008 was $46.2 million. As of December 31, 2008, the Company had three interest rate swap agreements with RBS for the amounts of $25.4 million, $10.0 million and $10.0 million for a remaining period of one, five and five 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 had one interest rate swap agreement with Egnatia Bank for the amount of $10.0 million for a remaining period of five years, respectively. Under this agreement the interest rate is fixed at an effective annual rate of 4.76%. In addition, the Company had seven interest rate swap agreements with HSH, six of them for the amounts of $11.2 million, $11.2 million, $11.2 million, $15.1 million, $7.4 million and $13.4 million, for a remaining period of three, three, three, five, five and seven years, respectively, and a forward interest rate swap agreement with HSH for the amount of $15.1 million effective in June 2010 for a period of four years, at a fixed interest rate of 4.73% in addition to the applicable margin. The above swaps of $10.0 million and $10.0 million with RBS and $10.0 million with Egnatia Bank include steepening terms based on the two and 10 year U.S. Dollar swap difference, which is calculated quarterly in arrears. The interest rate for the remaining balance of the loans is LIBOR, plus the margin. Loan Covenants and Discussions with Banks As at December 31, 2008, the Company was not in compliance with certain of its loan covenants. As of the date of this release, the Company is in advanced discussions with all its lenders in order to receive waivers for such non-compliance, extending until the end of March 2010, but no definitive agreement has been signed yet. In order to receive waivers, the Company may have to amend certain terms of its existing financing agreements. Because definitive agreements with respect to such waivers have not yet been signed, the Company currently cannot provide a breakdown of its debt and swap facilities into current and long term as such a breakdown is directly related to the status of the covenants. If the Company receives waivers for more than one year from all its lenders then the debt and swap facilities would be split into current and long term portions based on when the installments fall due. If the Company cannot obtain covenant waivers from all of its lenders, all loans would need to be categorized as current as a result of cross default covenants attached to all loan agreements. If the Company is not able to obtain covenant waivers or modifications, its lenders may require the Company to post additional collateral, enhance its equity and liquidity, increase its interest payments or pay down its indebtedness to a level where it is in compliance with its loan covenants, sell vessels, or they may accelerate its indebtedness, which would impair its ability to continue to conduct its business. In order to further enhance its liquidity, the Company may find it necessary to sell vessels at a time when vessel prices are low, in which case it will recognize losses and a reduction in its earnings, which could affect its ability to raise additional capital necessary for the Company to comply with its loan covenants and/or the additional lender requirements described above. Conference Call and Webcast TOP Ships' management team will host a conference call to review the results and discuss other corporate news and its outlook on Thursday, April 2, 2009, at 11:00 AM ET. Those interested in listening to the live webcast may do so by going to the Company's website at http://www.topships.org/, or by going to http://www.investorcalendar.com/. The telephonic replay of the conference call will be available by dialling 1-877-660-6853 (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 319023. An online archive will also be available immediately following the call at the sites noted above. Both are available for one week, through April 9, 2009. About TOP Ships Inc. 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. The Company operates a combined tanker and drybulk fleet as follows: -- A fleet of eleven double-hull handymax tankers, with a total carrying capacity of approximately 0.5 million dwt, of which 74% are sister ships. Seven of the Company's handymaxes are on time charter contracts with an average term of one year with all of the time charters including profit sharing agreements above their base rates. Four of the Company's handymax tankers are fixed on a bareboat charter basis with an average term of eight and a half years. -- Two 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 a period of ten years. -- A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 47% are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 24 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. Contact: Michael Mason (investors) Alexandros Tsirikos Allen & Caron Inc TOP Ships Inc. 212 691 8087 011 30 210 812 8180 TABLES FOLLOW TOP SHIPS INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars - except for share and per share data) Three Months Ended Year Ended December 31, December 31, 2007 2008 2007 2008 (Unaudited)(Unaudited) (Unaudited) (Unaudited) REVENUES: Revenues $51,789 $36,962 $252,259 $257,380 EXPENSES: Voyage expenses 14,929 1,712 59,414 38,656 Charter hire expense 18,035 5,810 94,118 53,684 Amortization of deferred gain on sale and leaseback of vessels (1,360) (807) (15,610) (18,707) Other vessel operating expenses 19,122 9,184 67,914 67,114 Dry-docking costs 9,829 364 25,094 10,036 Depreciation 8,614 5,856 27,408 32,664 General and administrative expenses 8,399 7,057 24,824 31,473 Foreign currency (gains) / losses, net 203 (166) 176 (85) Gain on sale of vessels - - (1,961) (19,178) Operating income (loss) (25,982) 7,952 (29,118) 61,723 OTHER INCOME (EXPENSES): Interest and finance costs (6,620) (3,612) (18,318) (27,138) Fair value change of financial instruments (5,768) 3,293 (4,904) (10,650) Interest income 901 815 3,248 1,831 Other, net 30 (19) 16 (127) Total other expenses, net (11,457) 477 (19,958) (36,084) Net Income (loss) $(37,439) $8,429 $(49,076) $25,639 Earnings (loss) per share, basic and diluted $(2.67) $0.30 $(4.09) $1.01 Weighted average common shares outstanding, basic 14,082,742 28,090,125 11,986,857 25,445,031 Weighted average common shares outstanding, diluted 14,082,742 28,090,125 11,986,857 25,445,031 TOP SHIPS INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Expressed in thousands of U.S. Dollars - except for share and per share data) December 31, December 31, 2007 2008 ASSETS (Unaudited) (Unaudited) CASH AND CASH EQUIVALENTS $26,012 $46,242 VESSEL HELD FOR SALE 46,268 - ADVANCES FOR VESSELS ACQUISITIONS / UNDER CONSTRUCTION 66,026 159,971 VESSELS, NET 553,891 414,515 RESTRICTED CASH 26,500 52,575 OTHER ASSETS 58,220 25,072 Total assets $776,917 $698,375 LIABILITIES AND STOCKHOLDERS' EQUITY FINANCIAL INSTRUMENTS 10,683 16,438 FAIR VALUE OF BELOW MARKET TIME CHARTER 29,199 3,911 BANK DEBT 438,884 342,479 DEFERRED GAIN ON SALE AND LEASEBACK OF VESSELS 40,941 15,479 OTHER LIABILITIES 45,802 28,017 Total liabilities 565,509 406,324 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY 211,408 292,051 Total liabilities and stockholders' equity $776,917 $698,375 TOP SHIPS INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. Dollars) Year Ended December 31, 2007 2008 (Unaudited) (Unaudited) Cash Flows from (used in) Operating Activities: Net income (loss) $(49,076) $25,639 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,124 38,605 Stock-based compensation expense 935 5,116 Change in fair value of financial instruments 4,904 10,650 Financial instrument termination payments (7,500) Amortization of deferred gain on sale and leaseback of vessels (15,610) (18,707) Amortization of fair value below market time charter (1,413) (21,795) (Gain) / loss on sale of other fixed assets 69 126 Gain on sale of vessels (1,961) (19,178) Change in operating assets and liabilities 20,738 (1,109) Net Cash from (used in) Operating Activities (11,290) 11,847 Cash Flows from (used in) Investing Activities: Principal payments received under capital lease 46,000 Principal payments paid under capital lease (68,828) Advances for vessels acquisitions / under construction (37,343) (114,260) Vessel acquisitions and improvements (355,045) (118,142) Insurance claims recoveries 1,852 3,447 Increase in restricted cash - (26,075) Decrease in restricted cash 23,500 - Net proceeds from sale of vessels 51,975 338,143 Net proceeds from sale of other fixed assets 74 58 Acquisition of other fixed assets (3,295) (1,792) Net Cash from (used in) Investing Activities (318,282) 58,551 Cash Flows from (used in) Financing Activities: Proceeds from long-term debt 316,851 271,156 Payments of long-term debt (92,537) (368,563) Financial instrument upfront receipt 8,500 1,500 Issuance of common stock, net of issuance costs 98,341 50,601 Cancellation of fractional shares - (2) Repurchase and cancellation of common stock (731) Payment of financing costs (5,563) (4,129) Dividends paid - - Net Cash from (used in) Financing Activities 325,592 (50,168) Net increase (decrease) in cash and cash equivalents (3,980) 20,230 Cash and cash equivalents at beginning of period 29,992 26,012 Cash and cash equivalents at end of period $26,012 $46,242 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid $13,731 $19,616 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES Fair value below market time charter $30,612 $12,647 Amounts owed for capital expenditures $1,215 $55 (1) Adjusted for 1:3 reverse stock split effective in March 2008. (2) 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 revenues are 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. DATASOURCE: TOP Ships Inc. CONTACT: investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087, , for TOP Ships Inc.; or Alexandros Tsirikos of TOP Ships Inc., 011 30 210 812 8180, Web Site: http://www.investorcalendar.com/ http://www.topships.org/

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