ATHENS, Greece, Nov 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today the sale of Topless, a 47,262 Dwt, double-hull Handymax tanker built in 1998. The vessel is expected to be delivered to its new owners within the next 60 days. The sale will result in a book profit of approximately $5.5 million, which will be recognized upon delivery of the vessel.
About TOP Tankers Inc
TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. Upon delivery of the vessels Soundless and Topless to their new owners, the Company will operate a fleet of 24 tankers, consisting of 13 double-hull Suezmax tankers and 11 double-hull Handymax tankers, with a total carrying capacity of approximately 2.5 million dwt, of which 88% are sister ships. Fifteen of the Company's 24 tankers will be on time charter contracts with an average term of over three years with all but two of the time charters including profit sharing agreements.
Forward Looking Statement
Matters discussed in this release may constitute forward-looking statements. 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 forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TOP Tankers believes 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, TOP Tankers cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
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 changes in charterhire rates and vessel values, failure of a seller to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, inability to procure acquisition financing, changes in demand for oil and petroleum products, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in our voyage and operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations including requirements for double-hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TOP Tankers with the US Securities and Exchange Commission.
Contact: Michael Mason (investors) Stamatis Tsantanis, CFO
Allen & Caron Inc TOP Tankers Inc
212 691 8087 011 30 210 812 8199
michaelm@allencaron.com snt@toptankers.com
SOURCE TOP Tankers Inc
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 30 210 812 8199, snt@toptankers.com
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