FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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 2005
TOP TANKERS INC.
(Translation of registrant's name into English)
109-111 Messogion Avenue
Politia Centre
Athens 115 26 GR
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
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]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is a copy of the press release issued by
TOP Tankers Inc. (the "Company") on May 24, 2005.
Exhibit 1
NEWS RELEASE for May 24, 2005
Contact: Michael Mason (investors) Stamatis Tsantanis, CFO
Allen & Caron Inc. TOP Tankers Inc.
212 691 8087 011 30 210 697 8199
michaelm@allencaron.com snt@toptankers.com
TOP TANKERS DECIDES NOT TO PROCEED WITH DRY FLEET
ACQUISITION AND RELATED PRIVATE PLACEMENT
ATHENS, GREECE (May 24, 2005)...TOP Tankers announced today that it has decided
not to proceed with the purchase of 15 dry bulk carriers and two handymax
tankers and related private placement previously announced on April 27, 2005.
The Company will not be required to pay any penalties or incur any financial
losses as a result of this event, other than certain offering related expenses.
President and CEO Evangelos Pistiolis stated, "We carefully considered the
possible acquisition in light of various financing alternatives available in the
market, but concluded that proceeding with the acquisition of this fleet would
not be in the best interests of our shareholders at this time. We are grateful
to those who worked hard to consummate the acquisition of this fleet, and
especially to A.M. Nomikos, the seller of the 15 dry bulk vessels, for his
patience during the past few weeks. We will continue to be open to opportunities
for expanding and diversifying our fleet."
About TOP Tankers Inc.
TOP Tankers Inc. is an international provider of worldwide seaborne
transportation services of bulk commodities. Including vessels delivered in
April 2005, the Company owns and operates a fleet of 23 tankers transporting
crude oil and refined petroleum products. The fleet consists of nine double-hull
Suezmax tankers and 14 double-hull Handymax tankers, with a total carrying
capacity of approximately 2.0 million dwt of which 93.1% of the fleet are sister
ships. Eighteen of the Company's 23 tankers are on time charter contracts with
an average term of over three years with all but one 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 to scheduled and unscheduled drydocking, changes in
TOP Tankers' 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.
(registrant)
Dated: May 24, 2005 By: /s/ Stamatis N. Tsantanis
-------------------------
Stamatis N. Tsantanis
Chief Financial Officer
23116.0001 #574083