TOP Tankers Announces New Time-Charter Contract

TOP Tankers Inc it has entered into a time-charter contract with a major South American oil company for the M/T Flawless, a 154,970 DWT double-hull Suezmax tanker, built in 1991 by Hyundai Heavy Industries Co. Ltd of the Republic of Korea. The vessel is expected to commence the new time-charter in mid-June 2007 for a period of one year at a rate of $44,500 per day. The charterers have the option to extend the contract for a period of one year at the conclusion of the charter.