TOP Ships Announces New Trading Symbol

ATHENS, Greece, April 17 /PRNewswire-FirstCall/ -- TOP Ships
(Nasdaq: TOPS) announced today that effective as of the open of market trading
on April 18, 2008, the Company's shares will once again trade under the
trading symbol "TOPS". For the 30 days preceding April 18, 2008, the
Company's shares had been trading under the trading symbol "TOPSD" as a result
of the 1:3 reverse split of the Company's shares on March 20, 2008.
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 of drybulk
transportation services. The Company operates a combined tanker and drybulk
fleet as follows:
-- a fleet of 17 tankers, consisting of 9 double-hull Suezmax tankers and
8 double-hull Handymax tankers, with a total carrying capacity of
approximately 1.7 million dwt, of which 83% are sister ships. Twelve of
the Company's 17 tankers are on time charter contracts with an average
initial term of over two years with all but three of the time charters
including profit sharing agreements above their base rates. In
addition, the Company has ordered six newbuilding product tankers,
which are expected to be delivered in the first half of 2009.

-- a fleet of four drybulk vessels with delivery of one additional drybulk
vessel expected during April 2008. When this vessel is delivered, four
of the Company's five drybulk vessels will have period charter
contracts for an average period of 20 months.

Forward-Looking Statement
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. 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 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 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. The forward-looking
statements in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating trends, data
contained in our records and other data available from third parties. Although
we believe 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, we cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other 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 fluctuations in charter rates
and vessel values, failure of a seller to deliver one or more vessels or of a
buyer to accept delivery of one or more vessels, inability to procure
acquisition financing, default by one or more charterers of our ships, changes
in the demand for crude oil and petroleum products, changes in demand for dry
bulk shipping capacity, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability
from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents
or political events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and uncertainties.
Contact: Michael Mason (investors) Stamatis Tsantanis, CFO
Allen & Caron Inc. TOP Ships Inc.
212 691 8087 011 30 210 812 8199
michaelm@allencaron.com snt@topships.org

SOURCE TOP Ships Inc.

investors, Michael Mason of Allen & Caron Inc., +1-212-691-8087,
michaelm@allencaron.com, for TOP Ships Inc.; or Stamatis Tsantanis, CFO of TOP
Ships Inc., 011 30 210 812 8199, snt@topships.org