TOP Tankers Inc Prices Initial Public Offering ATHENS, Greece, July 23 /PRNewswire-FirstCall/ -- TOP Tankers Inc (NASDAQ:TOPT) announced today that its initial public offering of 13,330,000 shares of common stock has been priced at $11.00 per share. TOP Tankers has agreed to sell 12,258,570 shares, and its selling shareholder has agreed to sell 1,071,430 shares. In addition TOP Tankers and its selling shareholder have granted the underwriters a 30-day option to purchase up to an additional 1,544,955 and 454,545 shares, respectively, to cover over-allotments. TOP Tankers will not receive any of the proceeds from the shares of common stock sold by its selling shareholder. Based on the initial offering price, TOP Tankers and its lender have agreed to the terms of a $222 million secured credit facility. A portion of the offering proceeds and advances under the credit facility will be used to acquire 10 second-hand double-hull tankers. The common stock will be quoted on the Nasdaq National Market System under the symbol "TOPT" and is expected to begin trading today. Cantor Fitzgerald & Co. acted as lead manager for the offering and the co-managers were Hibernia Southcoast Capital and HARRISdirect. A copy of the final prospectus related to this offering may be obtained from: Cantor Fitzgerald & Co. 135 East 57th Street New York, NY 10022 Telephone (212) 938-5000 This press release shall not constitute an offer to sell or a solicitation of an offer to buy, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About TOP Tankers Inc TOP Tankers Inc. is an Athens, Greece-based provider of worldwide seaborne crude oil and petroleum products transportation services. For further information, please contact Michael Mason of Allen & Caron Inc, +1-212-691-8087, , for TOP Tankers Inc; or Stamatis Tsantanis, CFO of TOP Tankers Inc, +011 30 210 693 0288, . DATASOURCE: TOP Tankers Inc CONTACT: Michael Mason of Allen & Caron Inc, +1-212-691-8087, , for TOP Tankers Inc; or Stamatis Tsantanis, CFO of TOP Tankers Inc, +011 30 210 693 0288,

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