ATHENS, Greece, Aug. 31 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today that it took delivery of M/T Sovereign, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1992 by Halla Engineering & Heavy Industries Limited of the Republic of Korea.

As with all the Company's Handymax tankers, the vessel will immediately commence its 2-year profit-sharing employment contract with a major oil trader.

The delivery of the M/T Sovereign represents the seventh of ten double-hull tankers the Company is acquiring using the proceeds of its initial public offering announced on July 23, 2004.

This seventh delivery increases the size of the fleet to 14 tankers, consisting of 2 Suezmax tankers, 9 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 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-                             08/31/2004
    
    /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:  TRN MAR OIL
    
SU:  PDT
    

    
AC-AI 
    
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9284 08/31/2004 10:16 EDT http://www.prnewswire.com