ATHENS, Greece, Sept. 13 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today the sale of M/T Tireless, a 31,766 Dwt, single-hull handysize tanker built in 1980, to an unrelated party. The sale will result in a book profit of approximately $0.4 million, which will be recognized in the 3rd quarter of 2004. The vessel is expected to be delivered to its new owners by the end of September 2004.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc, commented, "The sale of M/T Tireless is consistent with our Company's policy for operating a high quality, double-hull fleet. Following the sale of our oldest vessel and the delivery of all our identified IPO vessels, 95 percent of our tonnage will be double-hull. We're currently monitoring the market to identify acquisition opportunities to replace and further increase our fleet's capacity."

About TOP Tankers Inc

TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company expects to own and operate a fleet of 16 tankers, consisting of 4 Suezmax tankers, 10 Handymax tankers and 2 Handysize tankers, with a total carrying capacity of approximately 1.11 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.

     Michael Mason (investors)     Stamatis Tsantanis, CFO
    
     Allen & Caron Inc             TOP Tankers Inc
    
     212 691 8087                  011 30 210 699 4357
    
     michaelm@allencaron.com       snt@toptankers.com
    

    

    
SOURCE  TOP Tankers Inc
    
    -0-                             09/13/2004
    
    /CONTACT:  Stamatis Tsantanis, CFO of TOP Tankers Inc,
    
011 30 210 699 4357, snt@toptankers.com; or Investors, Michael Mason of Allen
    
& Caron Inc, +1-212-691-8087, michaelm@allencaron.com, for TOP Tankers Inc/
    
    (TOPT)
    

    
CO:  TOP Tankers Inc
    
ST:  Greece
    
IN:  TRN OIL
    
SU:
    

    
IL-AC 
    
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7170 09/13/2004 13:50 EDT http://www.prnewswire.com