TOP Ships Announces Reduced Time Charter Rate for the mv ASTRALE

TOP Ships Inc. announced yesterday that it has agreed with Armada Singapore Pte Ltd., time charterers of the mv ASTRALE, to reduce the time-charter rate from $72,000 to $40,000 for the three remaining hire payments until the scheduled termination of the time charter and redelivery of the vessel to the Owners, which is expected to take place in April 2009.

The loss of hire to the Company is estimated to be approximately $1,500,000.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. The Company operates a combined tanker and dry bulk fleet as follows: A fleet of nine double-hull handymax tankers, with a total carrying capacity of approximately 0.4 million dwt, of which 44% are sister ships. Seven of the Company’s handymaxes are on time charter contracts with an average term of one year with all of the time charters including profit sharing agreements above their base rates. Two of the Company’s handymax tankers are fixed on a bareboat charter basis for a period of ten years.

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