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 July 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 July 13, 2005.
EXHIBIT 1
NEWS RELEASE for July 13, 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 ANNOUNCES THE SALE OF M/T FEARLESS
ATHENS, GREECE (July 13, 2005) ... TOP Tankers Inc (Nasdaq:TOPT), announced
today the sale of M/T Fearless, a 44,646 Dwt, double-hull handymax tanker built
in 1992. The tanker was acquired in 2003, and was part of the original fleet at
the time the Company went public in July 2004. The sale will result in a book
profit of approximately $10 million, which will be recognized in the 3rd quarter
of 2005.
Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers
commented: "The sale of the M/T Fearless is part of our overall fleet renewal
process, and given the current strong second-hand market, we expect to generate
a significant gain for the Company."
About TOP Tankers Inc
---------------------
TOP Tankers Inc. is an international provider of worldwide seaborne
transportation services of bulk commodities. The Company owns and operates a
fleet of 22 tankers transporting crude oil and refined petroleum products. The
fleet consists of nine double-hull Suezmax tankers and 13 double-hull Handymax
tankers, with a total carrying capacity of approximately 2.0 million dwt of
which 95.2 percent are sister ships. Eighteen of the Company's 22 tankers are on
time charter contracts with an average term of over three years with all but two
of the time charters including profit sharing agreements.
Forward Looking Statement
-------------------------
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.
(registrant)
Dated: July 13, 2005 By: /s/ Stamatis N. Tsantanis
-----------------------------
Stamatis N. Tsantanis
Chief Financial Officer
23116.0001 #586277