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TOP Tankers Inc TOP Tankers Inc. October 2005 NASDAQ: “TOPT” Page 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “intends” and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events may differ significantly from the results discussed or implied in the forward-looking statements. Among the factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors described in the Company’s Registration Statement filed with the Securities and Exchange Commission, particularly those describing variations on charter rates and their effect on the Company’s revenues, net income and profitability as well as the value of the Company’s fleet. Page 2 Evangelos J. Pistiolis, Chief Executive Officer Page 3 Founder & Continued Equity Sponsorship Dynamic Founder & Continued Equity Sponsorship Entered shipping business in 1992, tankers in 1999 July 2004, $135.1m IPO acquired 2 DH Suezmax and 8 DH Handymax tankers November 2004, $148.1m follow-on, acquired 5 DH Suezmax tankers 2005, Organic Growth: Acquired 5 DH Handymax tankers and 1 DH Suezmax tanker – Sold all single-hull vessels Sale-leaseback of 5 Handymax tankers and Sale of 1 Handymax 2005 dividends $1.09: 4 x $0.21 + One-time $0.25; Yield: 7% Growth from 7 to 24 vessels in 14 months Page 4 Experienced Management Team Transparent Corporate Structure & Governance Strategy Name Age Title Experience Evangelos Pistiolis 32 CEO Dedicated 12 years career in shipping – Director Stamatis Tsantanis 33 CFO Investment Banking & Shipping – Director Vangelis Iconomou 40 EVP 10 years Commercial, Safety, Quality experience – Director Captain Stavros Emmanuel 63 COO* 31 years experience, 12 years at sea George Goumopoulos 56 CTO* 35 years in Fleet & Technical management Sarbanes Oxley Compliant Board – Independent Members Name Experience Thomas Jackson, Chairman 56 35 years banking experience, ex-head of NatWest Shipping Michael Doherty 46 25 years in maritime insurance business Chris Thomas 44 22 years in shipping finance, CFO of Nasdaq listed “DRYS” Roy Gibbs 56 39 years banking experience with ANZ Grindlays Bank * Denotes executives employed by our wholly owned subsidiary Top Tanker Management Inc Page 5 Recent Developments 3rd Quarter July • Payment of $0.46 per share in dividends (regular & special) • Sale of M/T Fearless with $10m book profit August • Sale and Leaseback of 2 Handymax tankers for 7 years, with $7m book profit • Reporting of record 2nd quarter and 1st half 2005 earnings September • Sale and Leaseback of 3 Handymax tankers for 7 years, with $9m book profit • Acquisition two additional double-hull vessels; a 150,038 DWT Suezmax tanker and a 46,346 Handymax tanker • Refinancing of existing RBS term loan and addition of revolver Page 6 Transparent Corporate Structure Wholly owned in-house management functions SOX Compliant TOP Tankers Inc. Commercial 100% Relationships 24 Tankers 24 Ship-Owning Charters Companies 100 % TOP Tanker Management Management Inc. Company Contracts Subcontractors Page 7 Fleet Profile Name DWT Vessel Type Hull Sister Ship Year Built Age Modern, Focused & Efficient Suezmax Fleet Stormless 150,038 Suezmax DH 1993 12 Limitless 136,055 Suezmax DH A 1993 12 Faultless 154,970 Suezmax DH B 1992 13 Stainless 149,599 Suezmax DH 1992 13 Noiseless 149,554 Suezmax DH 1992 13 Endless 135,915 Suezmax DH A 1992 13 Timeless 154,970 Suezmax DH B 1991 14 Flawless 154,970 Suezmax DH B 1991 14 Priceless 154,970 Suezmax DH B 1991 14 Stopless 154,970 Suezmax DH B 1991 14 1,496,011 Average 13.2 Handymax Fleet Ioannis P 46,346 Handymax DH 2003 2 Taintless 46,168 Handymax DH C 1999 6 Dauntless 46,168 Handymax DH C 1999 6 Soundless 46,168 Handymax DH C 1999 6 Topless 47,262 Handymax DH 1998 7 Vanguard 47,084 Handymax DH D 1992 13 Relentless* 47,084 Handymax DH D 1992 Sovereign* 47,084 Handymax DH D 1992 Invincible* 47,084 Handymax DH D 1992 Faithful 45,720 Handymax DH 1992 13 Spotless 47,094 Handymax DH D 1991 14 Restless* 47,084 Handymax DH D 1991 Victorious* 47,084 Handymax DH D 1991 Doubtless 47,076 Handymax DH D 1991 14 654,506 Average 9.0 TOTAL DWT 2 ,150,517 Total Fleet Average 11.2 Sisters 1 ,854,303 86.2% *Operated on 7 year bareback charter Page 8 Top Ten Operators Leading industry ranking in both double-hull dwt & number of vessels Suezmax (120-200k) Tankers Handymax (40-55k) Tankers No. Total No. Total Rank Owner Vessels DWT’000 Rank Owner Vessels DWT’000 1 Teekay Norway 32 4,542 1 TOP Tankers Inc. 14 655 2 Frontline Ltd 18 2,779 2 Eletson 11 508 3 OMI Marine Services 16 2,542 3 Dorado Tankers Inc 11 505 4 TOP Tankers Inc. 10 1,496 4 Tanker Pacific Singapore 9 393 5 Sovcomflot 8 1,256 5 Solar Japan 8 373 6 Chevrontexaco 7 1,075 6 China Shipping Tanker 8 339 7 Ceres Hellenic Shipping 7 1,069 7 Novoship Uk 7 285 8 Thenamaris 7 1,042 8 Shell Intl Trading & Shipping 6 281 9 General Maritime 6 934 9 Oetker Ra 6 276 10 Petrobras 6 929 10 Great Eastern Shipping 6 274 35< TOPT (June 2004) 2 272 65< TOPT (June 2004) 2 90 Page 9 Fleet Development 7 vessels in 2004 to 24 vessels in 2005 2003 EPS of $0.27 to $2.25 2005E consensus estimates November 5 30 July 23 IPO Follow-on $135mm $148mm $0.29 E $0.81 E 25 $0.49 $0.93(1) 20 $0.42 9 10 10 $0.80 5 4 15 4 10 $0.21 $0.95 14 15 14 14 14 $0.27 22 13 5 555 0 Q1-Q4 Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 2003 Product Tanker Suezmax Tanker 1 Includes $0.24 in cash compensation Page 10 TOPT Stock Price & Liquidity Top Tankers has outperformed the Tanker Index* Top Tankers ranks 4th in liquidity amongst its by 18% since IPO comparables in terms of 1 month volume as a Top Tankers up 44.34% since IPO; Tanker Index up percentage of public float 26.62% (In-line with tanker index since Jan ’01) 1 mo. 13-month average stock price 40% above IPO price Daily 1 mo. Public Average Vol. as % 13-month average daily volume since IPO 0.8 million Float Trading of Public shares Company Symbol (M) Volume Float General Maritime GMR 33.00 1,101,420 3.3% 140% Frontline FRO 48.45 1,507,106 3.1% Overseas Shipholding OSG 26.06 687,046 2.6% 120% Top Tankers TOPT 23.66 444,750 1.9% OMI Corp OMM 82.13 1,305,365 1.6% 100% PT IPO Teekay Shipping TK 50.87 763,936 1.5% O T ce n 80% i ice s Pr 60% n i e g n a 40% tage Ch en 20% rc e P Correlation : 92% 0% -20% 7/23/04 8/23/04 9/23/04 10/23/04 11/23/04 12/23/04 1/23/05 2/23/05 3/23/05 4/23/05 5/23/05 6/23/05 7/23/05 8/23/05 9/23/05 Date Top Tankers Tanker Index *includes FRO, GMR, OMM, OSG, TK, TNP Page 11 Unique Employment Strategy Spot market exposure with downside protection 2005 2006 2007 2008 2009 2010 10 Suezmax Tankers 3 $28,000, 100% first $7,000, then 50% 1 $37,000 $37,000 $36,000 $35,000 $35,000 6 Spot 14 Handymax Tankers 4 $14,500, 100% first $500, then 50%1 5 $14,250, 100% first $250, then 50%2 4 $17,000, then 30%3 1 $18,000, then 35%4 1. Base rate will change to $14,000 in the 3rd year of the contract with 100% profit share in the 1st $500 above base rate and then 50% 2. Base rate will change to $13,250 from January 1, 2006 with 100% profit share in the 1st $1,250 above base rate and then 50% 3. Base rate will change to $16,250 in the 2nd year of the contract with 100% profit share in the 1st $1,000 above base rate and then 50% 4. Base rate will change to $17,750 in the 2nd year of the contract with 100% profit share in the 1st $750 above base rate and then 50% Page 12 Industry Tanker Market Page 13 Seaborne Trade New routes are longer and result in higher incremental tanker demand ¾ Oil production shift to net exporters ¾ Additional production headed to Far East and United States mdwt/1m bpd Oil Production Capacity 2005-2009 South America - Asia Middle East - E.C.U.S. 3.0 F.S.U. - Asia 2.5 West Africa - Asia 2.0 Middle East - W.C.U.S. F.S.U. - E.C.U.S. 1.5 Middle East - Asia 1.0 West Africa - E.C.U.S. 0.5 North Sea - E.C.U.S. South America - E.C.U.S. 0.0 a a e a a h t ca ca c c h rt s i 02468101214 rt ddl Asi S.U.
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