TOP Tankers exercises option

Greek tanker operator TOP Tankers Inc. has exercised its option for two additional 50,000 dwt product /chemical tankers. As with the previously announced four newbuildings, all the vessels will be sister ships built by SPP Shipbuilding Co, Ltd of South Korea and are expected to be delivered during the first and second quarters of 2009.

The Company operates a fleet of 24 tankers, consisting of 13 double-hull Suezmax tankers and 11 double-hull Handymax tankers, with a total carrying capacity of approximately 2.5 million dwt, of which 88.2% are sister ships. Fifteen of the Company’s 24 tankers are on time charter contracts with an average term of over three years.