ATHENS, Greece, Aug. 11 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today that it took delivery of M/T Vanguard, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1992 by Halla Engineering & Heavy Industries Limited of the Republic of Korea.

The delivery of the M/T Vanguard represents the second of 10 double-hull tankers the company expects to acquire from its current owners from the proceeds of its initial public offering announced on July 23, 2004.

This second delivery will increase the size of the fleet to 9 tankers, consisting of 2 Suezmax tankers, 4 Handymax tankers, and 3 Handysize tankers.

About TOP Tankers Inc

TOP Tankers Inc. is an international provider of worldwide seaborne crude oil and petroleum products transportation services. Upon delivery of all 10 vessels, the company will own and operate a fleet of 17 tankers, consisting of 4 Suezmax tankers, 10 ice-classed Handymax tankers and 3 Handysize tankers, with a total carrying capacity of approximately 1.14 million Dwt.

Forward Looking Statement

Statements about the company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

For further information, please contact: Investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087, michaelm@allencaron.com, for TOP Tankers Inc; or Stamatis Tsantanis, CFO of TOP Tankers Inc, 011 30 210 699 4357, snt@toptankers.com.

SOURCE  TOP Tankers Inc
    
    -0-                             08/11/2004
    
    /CONTACT:  investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087,
    
michaelm@allencaron.com, for TOP Tankers Inc; or Stamatis Tsantanis, CFO of
    
TOP Tankers Inc, 011 30 210 699 4357, snt@toptankers.com/
    
    (TOPT)
    

    
CO:  TOP Tankers Inc
    
ST:  Greece
    
IN:  MAR TRN
    
SU:  PDT
    

    
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6180 08/11/2004 10:32 EDT http://www.prnewswire.com