TOP Tankers to Acquire Drybulk Panamax Vessels

TOP Tankers Inc has entered into agreements to acquire three drybulk panamax vessels. The vessels are scheduled to be delivered between September 2007 and March 2008 and to enter into spot market trading.

The aggregate purchase price of the vessels is approximately $222 million. The Company intends to finance the acquisition through new loan facilities, working capital, and the proceeds from future capital raisings.