TOP Ships Announces Termination of Interest Rate Derivative Contract

TOP Ships Inc. announced yesterday that it has entered into a termination agreement in respect of an interest rate derivative contract for a termination payment of $5.0 million.

The Company had entered into this derivative contract in November 2007, under which the Company has received an upfront payment of $8.5 million and would pay five annual interest payments on a notional amount of $85.0 million. The counterparty’s assets and liabilities have been under bankruptcy administration since September 15, 2008. TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services.

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