UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2007
Commission File Number
TOP TANKERS INC.
(Translation of registrant's name into English)
1, Vassilissis Sofias Meg. Alexandrou Str.
151 24 Maroussi
Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)7: ___
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [ X ]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Included in this report on Form 6-K as Exhibit 1 is the press release issued by
TOP Tankers Inc. (the "Company") on May 16, 2007 announcing the a new time
charter contract for M/T Flawless.
[GRAPHIC OMITTED] Exhibit 1
NEWS RELEASE for May 16, 2007
-----------------------------
Contact: Michael Mason (investors) Stamatis Tsantanis, CFO
Allen & Caron Inc TOP Tankers Inc
212 691 8087 011 30 210 812 8199
michaelm@allencaron.com snt@toptankers.com
TOP TANKERS ANNOUNCES NEW TIME-CHARTER
CONTRACT FOR THE M/T FLAWLESS
ATHENS, GREECE (May 16, 2007) ... TOP Tankers Inc (NasdaqGS:TOPT), announced
today that 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.
Evangelos J. Pistiolis, President and Chief Executive Officer commented, "The
new time-charter of the M/T Flawless represents one of the highest rates
achieved in the Suezmax period market in the second quarter of 2007. It is our
second vessel on time-charter with this particular charterer, which once again
proves our commitment to provide high quality transportation services to our
charterers."
The following table presents the Company's updated fleet list and employment:
Year Daily Base Profit Sharing
Dwt Built Charter Type Expiry Rate Above Base Rate (2007)
--- ----- ------------ ------ ---- ----------------------
12 Suezmax Tankers
TimelessC.................... 154,970 1991 Spot
FlawlessC.................... 154,970 1991 Time Charter Q3/2008 A $44,500 None
StoplessC.................... 154,970 1991 Spot
PricelessC................... 154,970 1991 Time Charter Q3/2008 $35,000 50% thereafter
FaultlessD................... 154,970 1992 Spot
NoiselessD................... 149,554 1992 Time Charter Q2/2010 $37,000(1) None
StainlessD................... 149,599 1992 Spot
EndlessD..................... 135,915 1992 Time Charter Q4/2008 E $36,500 None
LimitlessD................... 136,055 1993 Spot
Stormless.................... 150,038 1993 Time Charter Q4/2009 $36,900 None
Ellen P...................... 146,286 1996 Spot
Edgeless..................... 147,048 1994 Spot
11 Handymax Tankers
VictoriousB.................. 47,084 1991 Time Charter Q3/2009 $14,000 50% thereafter
SovereignB................... 47,084 1992 Time Charter Q3/2009 $14,000 50% thereafter
InvincibleB.................. 47,084 1992 Time Charter Q3/2009 $14,000 50% thereafter
RelentlessB.................. 47,084 1992 Time Charter Q3/2009 $14,000 50% thereafter
VanguardC.................... 47,084 1992 Time Charter Q1/2010 $15,250 50% thereafter
RestlessB.................... 47,084 1991 Time Charter Q4/2009 $15,250 50% thereafter
SpotlessC.................... 47,094 1991 Time Charter Q1/2010 $15,250 50% thereafter
DoubtlessC................... 47,076 1991 Time Charter Q1/2010 $15,250 50% thereafter
FaithfulC.................... 45,720 1992 Time Charter Q2/2010 $14,500 100% first $500 + 50% thereafter
Dauntless............. 46,168 1999 Time Charter Q1/2010 $16,250 100% first $1,000 + 50% thereafter
Ioannis P............. 46,346 2003 Time Charter Q4/2010 $18,000 100% first $1,000 + 50% thereafter
Total Tanker DWT 2,304,253
A. Charterers have option to extend contract for an additional one-year period
B. Vessels sold and leased back in August and September 2005 for a period of 7
years
C. Vessels sold and leased back in March 2006 for a period of 5 years
D. Vessels sold and leased back in April 2006 for a period of 7 years E.
Charterers have option to extend contract for an additional four-year
period
1. Base rate will change to $36,000 in Q2 2007 and $35,000 in Q2 2008 until
expiration.
About TOP Tankers Inc
TOP Tankers Inc is an international provider of worldwide seaborne crude oil and
petroleum products transportation services. The Company operates a fleet of 23
tankers, consisting of 12 double-hull Suezmax tankers and 11 double-hull
Handymax tankers, with a total carrying capacity of approximately 2.3 million
dwt, of which 85% are sister ships. Sixteen of the Company's 23 tankers will be
on time charter contracts with an average term of over three years with all but
four of the time charters including profit sharing agreements.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may 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 forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although TOP Tankers believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, TOP Tankers cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
changes in charterhire rates and vessel values, failure of a seller to deliver
one or more vessels, failure of a buyer to accept delivery of a vessel,
inability to procure acquisition financing, changes in demand for oil and
petroleum products, the effect of changes in OPEC's petroleum production levels
and worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers, scheduled and unscheduled drydocking, changes in
our voyage and operating expenses, including bunker prices, dry- docking and
insurance costs, changes in governmental rules and regulations including
requirements for double-hull tankers or actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes due
to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TOP Tankers
with the US Securities and Exchange Commission.
# # # #
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TOP TANKERS INC.
Dated: May 18, 2007 By /s/ Stamatis N. Tsantanis
--------------------------------
Name: Stamatis N. Tsantanis
Title: Chief Financial Officer
SK 23116 0001 774891