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 June 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 a press release by TOP
Tankers Inc. ("the Company") released on May 29, 2007 announcing the
re-acquisition of four Suezmax Tankers and the unwiding of five bareboat
charters.
EXHIBIT 1
[GRAPHIC OMITTED]
NEWS RELEASE for May 29, 2007 at 7:35AM EDT
-------------------------------------------
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 RE-ACQUISITION OF FOUR SUEZMAX TANKERS, AND
UNWINDING OF FIVE BARE-BOAT CHARTERS
ATHENS, GREECE (May 29, 2007) ... TOP Tankers Inc (NasdaqGS:TOPT), announced
today that it has entered into an agreement to re-acquire four suezmax tankers
that it sold in 2006 in a sale and lease-back transaction, and to terminate the
respective operating leases. The four suezmax tankers are Limitless (DWT 136,055
built 1993), Endless (DWT 135,915 built 1992), Noiseless (DWT 149,554 built
1992) and Stainless (DWT 149,599 built 1992). The total purchase price for the
four vessels is $208 million and will be financed 70% by bank debt, already
secured with a leading shipping lender, 10% by the early redemption of the
seller's credit associated with the 2006 sales and lease back transactions and
20% by existing cash balances. The deal is expected to close early June 2007.
In addition, the Company announced today the termination of its bare-boat
agreement for the Handymax tanker Invincible (DWT 47,084 built 1992), after sale
of the vessel from its Lessors to a third party. The deferred gain from the
original sale of approximately $2.4 million will be recognized in the second
quarter of 2007.
Subject to the accounting treatment relating to the acquisition cost, the
Company expects the re-acquisition and the termination of the five bare-boat
contracts to have an accretive effect on both its cash flow from operations and
earnings per share.
The accretion will result primarily from the following factors related to the
re-acquisition of the vessels and removal of related lease payments associated
with the five vessels:
o The expected decrease of $19.8 million of lease payments for 2007 and
$33.8 million for 2008 and thereafter per year until the initial
expiration of the leases in April 2013;
o The amortization of lease gain is expected to decrease by $1.6 million
for 2007 and by $2.7 million for 2008 and thereafter per year until
the initial expiration of the leases;
o The Company expects depreciation expense to increase by $9.1 million
for 2007 and by $15.6 million for 2008 and thereafter per year until
the initial expiration of the leases;
o The Company also expects interest expense to increase by $5.3 million
for 2007 and by $7.1 million for 2008 and thereafter per year until
the initial expiration of the leases.
By re-acquiring the four Suezmaxes, the Company expects to improve the daily
breakeven rates of its Suezmax fleet.
The addition of the four vessels will increase the Company's owned fleet from
five to nine vessels.
About TOP Tankers Inc
---------------------
TOP Tankers Inc is an international provider of worldwide seaborne crude oil and
petroleum products transportation services. The Company will operate a fleet of
22 tankers, consisting of 12 double-hull Suezmax tankers and 10 double-hull
Handymax tankers, with a total carrying capacity of approximately 2.3 million
dwt, of which 87% are sister ships. Fifteen of the Company's 22 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 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.
# # # #
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: June 5, 2007 By /s/ Stamatis Tsantanis
-----------------------------------
Name: Stamatis N. Tsantanis
Title: Chief Financial Officer
SK 23116 0001 779369