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Top Ships Reports Fourth Quarter And Fiscal Year 2010 Financial Results

The following table presents the Company's current fleet and employment profile: 

  Dwt Year Built Charter Type Expiry Daily Base Rate
Eight Tanker Vessels          
Ioannis P 46,346 2003 Spot    
Miss Marilena 50,000 2009 Bareboat Charter Q1-2/2019 $14,400
Lichtenstein 50,000 2009 Bareboat Charter Q1-2/2019  $14,550
Ionian Wave 50,000 2009 Bareboat Charter Q1-2/2016  $14,300 A
Tyrrhenian Wave 50,000 2009 Bareboat Charter Q1-2/2016  $14,300 A
Britto 50,000 2009 Bareboat Charter Q1-2/2019  $14,550
Hongbo 50,000 2009 Bareboat Charter Q1-2/2019  $14,550
Delos B 47,067 1991 Spot     
Total Tanker dwt 393,413        
Five Drybulk Vessels          
Cyclades 75,681 2000 Time Charter Q2/2011 $54,250
      Subsequent Time Charter Q2/2011-Q2/2014 $20,000
Amalfi 45,526 2000 Time Charter Q4/2011 - Q1/2012 $14,000
Papillon (ex Voc Gallant) ) 51,200 2002 Bareboat Charter Q1-3/2012 $24,000
Pepito 75,928 2001 Time Charter  Q1-2/2013 $41,000
Astrale 75,933 2000 Time Charter Q3-4/2011 $18,000
Total Drybulk dwt 324,268        
TOTAL DWT 717,681        
A. On January 11, 2010, the Company announced that it had received from the bareboat charterer of the M/T Ionian Wave and the M/T Tyrrhenian Wave, a reduced charter hire rate of $10,000 per day, rather than the $14,300 per day on a bareboat basis that is set forth in the charter agreement.  Furthermore, on January 26, 2011, the Company announced that it had received from the same charterer a further reduced charter hire rate of $9,092 per day. The Company has been examining this unilateral reduction and intends to take all necessary steps to recover the amounts owed since the said charterer is considered to be in breach of the charter. B. On October 1, 2010, we entered into a bareboat agreement to charter in M/T Delos for five years at an average daily rate of $5,219. 

Outstanding Indebtedness

As of December 31, 2010, we had total indebtedness under senior secured and unsecured credit facilities with our lenders of $343.7 million (excluding unamortized deferred financing fees of $4.0 million and unamortized debt discount of $2.3 million) with maturity dates from 2011 through 2019. 

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