Our predecessor, Ocean Holdings Inc., was formed as a corporation in January
2000 under the laws of the Republic of the Marshall Islands and renamed Top
Tankers Inc. in May 2004. Top Tankers Inc. was renamed Top Ships Inc. Our common
stock is currently listed on the Nasdaq Global Select Market under the symbol
"TOPS." The current address of our principal executive office is 1
Vasilisis Sofias and Megalou Alexandrou Str, 15124 Maroussi, Greece. The telephone
number of our registered office is +30 210 812 8000.
We are a provider of international seaborne transportation services, carrying
petroleum products and crude oil for the oil industry. Our fleet consists of
two chartered-in 50,000 dwt product/chemical tankers vessels, M/T Stenaweco
Energy and M/T Stenaweco Evolution, and four newbuilding vessels:
We intend to continue to review the market in order to identify potential acquisition
targets on accretive terms.
We believe we have established a reputation in the international ocean transport
industry for operating and maintaining vessels with high standards of performance,
reliability and safety. We have assembled a management team comprised of executives
who have extensive experience operating large and diversified fleets of tankers
and who have strong ties to a number of national, regional and international
oil companies, charterers and traders.
Our Fleet Manager provides technical and commercial management services for
our chartered-in fleet, and newbuilding supervision services for our four newbuilding
vessels, and will provide all operational, technical and commercial functions
relating to the chartering and operation of the later upon their delivery pursuant
to a Letter Agreement.
The seaborne transportation industry is a vital link in international trade,
with ocean going vessels representing the most efficient and often the only
method of transporting large volumes of basic commodities and finished products.
Demand for oil tankers is dictated by world oil demand and trade, which is influenced
by many factors, including international economic activity; geographic changes
in oil production, processing, and consumption; oil price levels; inventory
policies of the major oil and oil trading companies; and strategic inventory
policies of countries such as the United States, China and India.
Shipping demand, measured in tonne-miles, is a product of (a) the amount of
cargo transported in ocean going vessels, multiplied by (b) the distance over
which this cargo is transported. The distance is the more variable element of
the tonne-mile demand equation and is determined by seaborne trading patterns,
which are principally influenced by the locations of production and consumption.
Seaborne trading patterns are also periodically influenced by geo-political
events that divert vessels from normal trading patterns, as well as by inter-regional
trading activity created by commodity supply and demand imbalances. Tonnage
of oil shipped is primarily a function of global oil consumption, which is driven
by economic activity as well as the long-term impact of oil prices on the location
and related volume of oil production. Tonnage of oil shipped is also influenced
by transportation alternatives (such as pipelines) and the output of refineries.
We strategically monitor developments in the tanker industry on a regular basis
and, subject to market demand, will seek to enter into shorter or longer time
or bareboat charters according to prevailing market conditions.
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