TOP Ships Announces Sale of the M/V PEPITO

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January 1, 2012

ATHENS, Greece, Dec. 30, 2011 (GLOBE NEWSWIRE) — TOP Ships Inc. (Nasdaq:TOPS), an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announced today that it has sold the M/V PEPITO, a 75,928 dwt drybulk vessel built in 2001. The sale of the M/V PEPITO will result in a book loss of approximately $25 million.

About TOP Ships Inc.

TOP Ships Inc. is an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities.

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