TOP Ships Accepts Third Drybulk Vessel in Phillipines

TOP Ships Inc. has taken delivery of the M/V AMALFI, a 45,526 DWT Handymax drybulk vessel, built in 2000 in The Philippines. The vessel has been financed with secured bank debt.

The M/V AMALFI is the third drybulk vessel delivered to the Company in the last three months. The Company expects delivery of the remaining three drybulk vessels it has agreed to acquire between January and March 2008. The AMALFI has entered into a time-charter employment for a period of 14-16 months at a daily net rate of $22,000.