TOP Ships Charter Developments

TOP Ships Inc.(NASDAQ: TOPS) announced that it has received from the bareboat charterer of the M/T’s Ionian Wave and “Tyrrhenian Wave, a reduced charterhire rate of $10,000 per day, rather than the $14,300 per day on a bareboat basis that is set forth in the charter agreement. As a result, TOP Ships Inc. believes that such charterer is in breach of the charter. TOP Ships Inc. is examining this unilateral reduction and intends to take all necessary steps to recover the amounts owed.