ATHENS, Greece, Aug. 27 /PRNewswire-FirstCall/ -- TOP Ships Inc. (Nasdaq: TOPS) (the 'Company') announced today that, pursuant to NASDAQ Rule 4350(b)(1)(A), it has posted on its website the Annual Report to Shareholders that it filed on Form 20-F with the U.S. Securities and Exchange Commission on May 21, 2008 (the 'Annual Report'). The Annual Report is available on the Company's website at http://www.topships.org. Shareholders may request a hard copy of the Annual Report free of charge.

About TOP Ships Inc.

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. Upon delivery of the remaining Suezmaxes to their new owners, the Company will operate a combined tanker and drybulk fleet as follows:

    -- A fleet of seven double-hull Handymax tankers, with a total carrying
       capacity of approximately 0.3 million dwt, of which 58% are sister
       ships. All of the Company's Handymaxes will be on time charter
       contracts with an average term of two years with all of the time
       charters including profit sharing agreements above their base rates.
    -- Six newbuilding product tankers, which are expected to be delivered in
       the first half of 2009. All the expected newbuildings have fixed rate
       bareboat employment agreements for periods between seven and ten years.
    -- A fleet of five drybulk vessels with a total carrying capacity of
       approximately 0.3 million dwt, of which 70% are sister ships. All of
       the Company's drybulk vessels have fixed rate employment contracts for
       an average period of 30 months.

Forward Looking Statement

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward- looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'will,' 'may,' 'should,' 'expect' 'pending' and similar expressions identify forward-looking statements.