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 November 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 November 9, 2005 announcing the delivery of two
tankers.
Exhibit 1
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NEWS RELEASE for November 9, 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 DELIVERY OF TWO TANKERS
ATHENS, GREECE (November 9, 2005) ... TOP Tankers Inc (Nasdaq:TOPT), announced
today that it has taken delivery of two double-hull tankers, the M/T Ioannis P,
a 46,346 DWT Handymax product tanker, built in 2003 by Hanjin Heavy Industries &
Construction Co Ltd of the Republic of Korea, and the Ellen P, a 146,268 DWT
tanker, built in 1996 by Harland & Wolff Heavy Industries Ltd, of the United
Kingdom. Both vessels have been financed with the Company's cash reserves and
secured bank credit lines.
The M/T Ioannis P has entered into a five-year profit-sharing employment
agreement with Glencore SA, one of the world's largest oil traders.
The M/T Ellen P is the second of four Suezmax deliveries for the fourth
quarter of 2005, with the remaining two vessels expected to be delivered by the
beginning of December 2005. The vessel will immediately enter a back-haul spot
voyage at a TCE rate of approximately $60,000 per day.
About TOP Tankers Inc
---------------------
TOP Tankers Inc is an international provider of worldwide seaborne crude
oil and petroleum products transportation services. Upon delivery of two Suezmax
tankers, the Company will operate a fleet of 27 tankers. The fleet under
management will consist of 13 double-hull Suezmax tankers and 14 double-hull
Handymax tankers, with a total carrying capacity of approximately 2.6 million
dwt of which 88.8 percent are sister ships. Eighteen of the Company's 27 tankers
are be 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 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: November 10, 2005 By: /s/ Stamatis N. Tsantanis
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Stamatis N. Tsantanis
Chief Financial Officer
23116.0001 #616993