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 December 2006
Commission File Number: 000-50859
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): ___
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: ___
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 is the press release issued by
TOP Tankers Inc. (the "Company") on December 5, 2006 announcing the Company's
newbuilding order, the early re-delivery of three vessels and a new time charter
contract.
Exhibit 1
NEWS RELEASE for December 5, 2006 at 7:35 am EST
------------------------------------------------
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 NEWBUILDING ORDER FOR HANDYMAX
PRODUCT / CHEMICAL TANKERS, MUTUAL AGREEMENT WITH GLENCORE
FOR EARLIER REDELIVERY OF THREE SUEZMAXES
AND NEW TIME CHARTER CONTRACT FOR ONE SUEZMAX
ATHENS, GREECE (December 5, 2006) ... TOP Tankers Inc (NasdaqGS:TOPT), announced
today that it has entered into an agreement with SPP Shipbuilding Co, Ltd of the
Republic of Korea for the construction of four 50,000 dwt Product / Chemical
tankers. The vessels will be delivered during the first and second quarters of
2009. The Company also has the option to order two additional tankers with the
same specifications and delivery period.
The total investment for the Company (excluding the option) will be
approximately $191 million, which will be funded with secured credit lines and
working capital.
Evangelos J. Pistiolis, President and CEO of TOP Tankers Inc., stated: "It is
our strategy to modernize and expand our fleet, so we have recently sold three
Handymaxes, one built in 1998 and two built in 1999. Many people in the industry
consider the aggregate sale price of $128 million to be one of the highest
prices ever achieved for such vessels. In addition, we have entered into an
agreement to acquire four newbuildings for $191 million. Assuming we exercise
our option to acquire two additional newbuildings, our current total order will
increase to six vessels, or $286 million, all to be delivered during the first
and second quarters of 2009."
Mutual agreement for earlier Glencore redelivery
The Company also announced that it has amicably agreed with Glencore for the
earlier redelivery of three 154,970 dwt Suezmax tankers, the M/T Flawless, the
M/T Timeless and the M/T Stopless, all built in 1991 by Hyundai Heavy Industries
Co of the Republic of Korea. These three vessels had been scheduled to be
redelivered on or about April 2007. Six of the Company's eleven Handymax tankers
are currently chartered to Glencore under long-term charters with profit-sharing
arrangements. These time charters will expire between the third quarter of 2009
and the fourth quarter of 2010.
Time charter contract for the M/T Priceless
The Company has entered into a time charter contract for the 154,970 dwt Suezmax
M/T Priceless, built in 1991 by Hyundai Heavy Industries Co of the Republic of
Korea, with a major oil trader. The contract, which has a base rate of $35,000
and 50% sharing of the profit generated above the base rate, expires in August
2008.
The M/T Flawless, the M/T Priceless and the M/T Timeless completed their third
special surveys in June, August and November 2006, respectively. The M/T
Stopless will complete its third special survey in early January 2007. All of
these vessels underwent extensive works to be upgraded to the highest possible
standards.
More information on the upgrading of the TOP Tankers fleet will be posted on the
Company's website.
About TOP Tankers Inc
---------------------
TOP Tankers Inc is an international provider of worldwide seaborne crude
oil and petroleum products transportation services. Upon delivery of the vessel
Topless to its new owners, the Company will operate a fleet of 24 tankers,
consisting of 13 double-hull Suezmax tankers and 11 double-hull Handymax
tankers, with a total carrying capacity of approximately 2.5 million dwt, of
which 88% are sister ships. Sixteen of the Company's 24 tankers will be 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.
Dated: December 7, 2006 By /s/ Stamatis N. Tsantanis
-----------------------------
Name: Stamatis N. Tsantanis
Title: Chief Financial Officer
SK 23116 0001 728122