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 Sofia Str. & Meg.
                                Alexandrou St.
                            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 7, 2006  announcing  the Company's
financial  results  for the  third  quarter  and first  nine  months of 2006 and
restatement  of the financial  results for the first,  second  quarter and first
half of 2006.


                                                                       EXHIBIT 1

[LOGO]
[GRAPHIC OMITTED]


NEWS RELEASE for December 7, 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 REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND
         THE NINE-MONTH PERIOD OF 2006 AND RESTATEMENT OF FIRST, SECOND
                         QUARTER AND FIRST HALF OF 2006


ATHENS,  GREECE  (December  7, 2006) ... TOP Tankers Inc  (NasdaqGS:TOPT)  today
announced its operating  results for the third quarter and nine-month  period of
2006 and  restatement of first,  second quarter and first half of 2006 unaudited
financial statements.

Operating results for the third quarter and nine-month period of 2006

For the three months ended September 30, 2006, the Company  reported net loss of
$11,394,000,  or $0.35 per share,  compared  with net income of  $7,921,000,  or
$0.28 per share,  for the third quarter of 2005. The weighted average numbers of
basic shares used in the  computations  were  32,163,137  and 28,020,990 for the
third quarters of 2006 and 2005, respectively. The results for the third quarter
of 2006 and 2005  include  net  charges  of  $5,377,000,  or $0.17 per share and
$5,665,000, or $0.20 per share, respectively,  of special items(1) that affected
the Company's net results for the period that the Company believes are typically
excluded by securities  analysts in their  published  estimates of the Company's
financial  results,  which are  described  in  Appendix  A of this  release.  In
addition,  the  third  quarter  of 2006 was also  reduced  by $0.07  per  share,
resulting  from  the  revised  accounting  treatment  of  a  "Seller's  Credit",
discussed below.  For the three months ended September 30, 2006,  operating loss
was  $2,485,000,  compared with operating  income of  $13,670,000  for the third
quarter  of 2005.  EBITDA(2)  for the  third  quarter  of 2006  was  $7,704,000,
compared with $28,324,000 for the third quarter of 2005. Voyage revenues for the
third quarter of 2006 were $70,646,000,  compared to $50,003,000 recorded in the
third quarter of 2005.

For the nine months ended September 30, 2006, the Company reported net income of
$11,929,000,  or $0.37 per share,  compared with net income of  $40,594,000,  or
$1.45 per share,  for the nine months ended  September  30,  2005.  The weighted
average  numbers of basic shares used in the  computations  were  29,964,597 and
27,895,019 for the nine months ended September 30, 2006 and 2005,  respectively.
The results for the nine months  ended  September  30, 2006 and 2005 include net
charges of $7,946,000,  or $0.27 per share and  $6,115,000,  or $0.22 per share,
respectively,  of special  items that  affected the Company's net income for the
period that the Company believes are typically  excluded by securities  analysts
in their  published  estimates of the  Company's  financial  results,  which are
described in Appendix A of this release.  In addition,  the first nine months of

----------
(1)  See Appendix A to this release for information about special items.
(2)  See Appendix A to this release for reconciliation of EBITDA.

2006 were also reduced by $0.15 per share, resulting from the revised accounting
treatment of a "Seller's  Credit",  discussed  below.  For the nine months ended
September 30, 2006, operating income was $33,845,000,  compared with $53,845,000
for the same period last year.  EBITDA for the nine-month period ended September
30, 2006 was  $71,770,000,  compared with  $91,171,000  for the same period last
year.  Voyage  revenues for the nine-month  period ended September 30, 2006 were
$242,249,000, compared to $153,623,000 recorded in the same period last year.

Restatement of first,  second quarter and first half of 2006 unaudited financial
statements

The  Company  reported  a  restatement  of first,  second and first half of 2006
unaudited  financial  statements  resulting  from the  accounting  treatment  of
certain  aspects of the sale and leaseback  transactions  that were completed in
March and April 2006.(3) The sale  and leaseback  transactions involved the sale
of 13 vessels to financial  institutions  unaffiliated  with the Company,  for a
consideration of $550 million,  and their simultaneous  leaseback under bareboat
charters to separate  subsidiaries  of the Company for a period of five to seven
years. Under the terms of the sale and leaseback  transactions,  upon completion
of the sale of the vessels,  the Company received 90% of the  consideration,  or
$495 million.  The remaining 10% of the  consideration or $55 million,  commonly
referred to as "Seller's Credit", was not due from the purchaser until not later
than  three  months  after the end of the  bareboat  charter  period or upon the
resale of the  vessels by the  purchaser,  if earlier.  The main  purpose of the
Seller's  Credit is to secure a portion of the  seller-lessee's  payments to the
owner-lessor.  The sale and leaseback transactions resulted in a total book gain
of $96 million.

The Company  deferred and amortized over the relevant  charter period of five to
seven years the total gain of $82 million (which is the total gain including the
present  value of the  Seller's  Credit.  This  amount was  included  in part in
"Deferred Income" in the Company's interim  unaudited  financial  statements for
the  first  quarter  of 2006,  and in full in the  Company's  interim  unaudited
financial  statements for the second quarter of 2006. The Company has decided to
restate its interim  unaudited  financial  statements  and exclude the  Seller's
Credit of $55 million from the total gain and to defer  recognition  of the full
amount until payment.  The non-cash effect from deducting the Seller's Credit of
$55  million  from the total  gain of $96  million,  is to reduce net income per
share by $0.01 and $0.07 for the first and second quarter of 2006, respectively.
The net income per share in all subsequent quarters until December 31, 2010 will
be reduced by approximately $0.07.

In addition, there are some balance sheet reclassifications for the same periods
resulting from the financial  covenants contained in the agreements for the sale
and leaseback  transactions  and the change of discount rate  initially  used to
value the Seller's Credit of $55 million.

Under the  financial  covenants,  the  Company is required to maintain a minimum
amount of $20 million up to December  15,  2006 and $25 million  thereafter  and
until the  expiration  of the  bareboat  charters,  in a specified  Company bank
account.  Furthermore,  during  the  bareboat  charter  period,  the  Company is
required  to maintain a  consolidated  cash  balances  of at least $50  million,
including the $20/$25  million,  mentioned above. As of June 30, 2006 and during
the  bareboat  charter  period,  the  amount of $50  million  will be  presented
separately as restricted  cash, even though there are no actual  restrictions as
to withdrawal or use imposed by any financial institution.  The restricted cash,
included in Other  Non-Current  Assets, in the reported first and second quarter
of 2006  financial  results  amounted  to  $13.5  million,  relates  to  minimum

----------
(3)  See later on this release reported and restated unaudited interim financial
     statements for first, second quarter and first half of 2006.

liquidity  requirements  under loan  covenants  relating to the Company's  owned
vessels.  This  amount  will  also  be  included  in  the  $50  million  minimum
consolidated cash balances.

Evangelos J.  Pistiolis,  President and Chief  Executive  Officer of TOP Tankers
Inc,  commented,  "During the third  quarter of 2006, we continued our extensive
upgrading of our entire  fleet.  The total  investment in our tankers will be in
excess of $50 million and has been  completed by more than 60% in 2006.  We have
conducted extensive works on our tankers,  closely supervised by our experienced
technical  team,  in  order to  upgrade  the  vessels  to the  highest  possible
standards.

Once again,  we would like to emphasize  our  commitment  to provide the highest
quality of service to our clients and we will  continue to operate and  maintain
our fleet with the utmost efficiency and professionalism.

Regarding  our  recently  announced  newbuilding  orders,  our  strategy  is  to
modernize and expand our fleet.  For that  purpose,  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.  Furthermore,  we managed to achieve deliveries in the first and second
quarters of 2009, even though most shipyards are not offering tanker newbuilding
deliveries before 2010, or 2011".


The  following  key  indicators  serve to  highlight  changes  in the  financial
performance  of the  Company's  fleet during the third  quarters and  nine-month
periods ended September 30, 2005 and 2006:



                                                                                   Suezmax Fleet
                                                           Three Months Ended September 30,   Nine Months Ended September 30,
(In U.S. Dollars unless otherwise stated)                     2005      2006       Change       2005       2006       Change
                                                              ----      ----       ------       ----       ----       ------
                                                                                                    
Total available ship days                                      828     1,196        44.4%      2,035      3,549        74.4%
Total operating days                                           729       854        17.1%      1,828      2,858        56.3%
Utilization                                                  88.0%     71.4%       -18.9%      89.8%      80.5%       -10.4%
TCE(4) per ship per day under spot voyage charter           23,698    39,378        66.2%     38,663     48,258        24.8%
TCE per ship per day under time charter                     30,044    38,387        27.8%     30,899     36,634        18.6%
Average TCE                                                 27,075    38,998        44.0%     35,928     43,731        21.7%
Vessel operating expenses per ship per day                   7,743     7,637        -1.4%      7,570      7,569         0.0%





                                                                                  Handymax Fleet
                                                           Three Months Ended September 30,   Nine Months Ended September 30,
(In U.S. Dollars unless otherwise stated)                     2005      2006       Change       2005       2006       Change
                                                              ----      ----       ------       ----       ----       ------
                                                                                                    
Total available ship days                                    1,209     1,288         6.5%      3,356      3,822        13.9%
Total operating days                                         1,142     1,213         6.2%      3,190      3,680        15.4%
Utilization                                                  94.5%     94.2%        -0.3%      95.1%      96.3%         1.3%
TCE per ship per day under spot voyage charter                   -         -            -     11,500          -            -
TCE per ship per day under time charter                     18,369    20,633        12.3%     19,811     20,351         2.7%
Average TCE                                                 18,369    20,633        12.3%     19,697     20,351         3.3%
Vessel operating expenses per ship per day                   4,875     6,290        29.0%      4,992      5,840        17.0%




                                                                                   Total Fleet*
                                                           Three Months Ended September 30,   Nine Months Ended September 30,
(In U.S. Dollars unless otherwise stated)                     2005      2006       Change       2005       2006       Change
                                                              ----      ----       ------       ----       ----       ------
                                                                                                    
Total available ship days                                    2,111     2,484        17.7%      5,646      7,371        30.6%
Total operating days                                         1,945     2,067         6.3%      5,262      6,538        24.2%
Utilization                                                  92.1%     83.2%        -9.7%      93.2%      88.7%        -4.8%
TCE per ship per day under spot voyage charter              23,628    39,378        66.7%     36,055     48,258        33.8%
TCE per ship per day under time charter                     20,617    24,412        18.4%     21,031     24,132        14.7%
Average TCE                                                 21,144    28,221        33.5%     24,757     30,571        23.5%
Vessel operating expenses per ship per day                   5,932     6,939        17.0%      5,828      6,673        14.5%
General and administrative expenses per ship per day**       4,141     2,357       -43.1%      2,612      2,430        -7.0%


----------
*    Total Fleet information includes data for one Handysize tanker in 2005.
**   The daily General and Administrative  expenses include approximately $2,703
     and $673 for the  three-month  period and  $1,091 and $804 for the  9-month
     period  ended  September  30,  2005  and  2006  respectively,  of  non-cash
     restricted stock expense, convertible offering issuance costs write-off and
     general compensation provision.
(4)  Consistent  with general  practice in the tanker  shipping  industry,  time
     charter  equivalent,  or TCE,  is a measure of the  average  daily  revenue
     performance  of a vessel on a per voyage basis.  Our method of  calculating
     TCE is consistent with industry standards and is determined by dividing net
     voyage  revenue by voyage days for the  relevant  time  period.  Net voyage
     revenues  are  voyage  revenues  minus  voyage  expenses.  Voyage  expenses
     primarily  consist  of port,  canal  and fuel  costs  that are  unique to a
     particular  voyage,  which would otherwise be paid by the charterer under a
     time charter contract, as well as commissions.




Fleet Report

As of September  30, 2006,  the  Company's  fleet under  management  totalled 27
vessels or 2.6  million  dwt  (including  18 vessels  sold and leased back for a
period  of 5 to 7  years)  as  compared  to 22  vessels  or 2.0  million  dwt on
September 30, 2005.

In  September  and  October  2006,  the  Company  agreed to sell the vessels M/T
Taintless,  M/T  Soundless and M/T Topless for a total  consideration  of $127.5
million,  resulting in an expected total book gain of $12 million, which will be
recognized  in the fourth  quarter of 2006.  The M/T Taintless and M/T Soundless
were delivered to new owners in November 2006 and the M/T Topless is expected to
be delivered to its new owners by the end of December 2006.

In November,  2006, the Company 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 periods.  The total investment
for the Company  (excluding the option) will be  approximately  $190.9  million,
which will be funded with secured credit lines and working capital.

Fleet Deployment

During the third  quarter of 2006,  the  Company  had  approximately  74% of the
fleet's operating days on long-term employment contracts. 20 of the Company's 27
tankers were on time charter  contracts with an average term of over three years
with all but two of the time charters including profit sharing agreements.

Suezmax Fleet:

During the third quarter of 2006, six of the Company's  Suezmax tankers operated
in the spot  market,  earning  on average  $39,378  per vessel per day on a time
charter equivalent (TCE) basis.

During the third quarter of 2006, four of the Company's Suezmax tankers operated
under time charter contracts, earning on average $38,387 per vessel per day on a
time charter equivalent (TCE) basis.

During the third quarter of 2006, three of the Company's Suezmax tankers were
undergoing their special surveys and were not operational.

In December  2006,  the Company  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.

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.


Handymax Fleet:

All of the  Company's  Handymax  tankers  operate  under  long  term  employment
agreements  with Glencore and Vitol that provide for a base rate of charter hire
and additional profit-sharing.

During the third quarter of 2006, including the profit-sharing  allocated to the
Company  from these  profit-sharing  agreements,  the  Handymax  fleet earned on
average $20,633 per vessel per day on a TCE basis.

The following table presents the Company's current fleet list and employment:



                                      Year                                Daily Base        Profit Sharing
                            Dwt       Built   Charter Type   Expiry          Rate       Above Base Rate (2006)
                           -------    -----   ------------   ----------   -----------   ----------------------
                                                                      
13 Suezmax Tankers
Timeless(C).............   154,970    1991    Spot
Flawless(C).............   154,970    1991    Spot
Stopless(C).............   154,970    1991    Spot
Priceless(C)............   154,970    1991    Time Charter   Q3/2008      $35,000       50% thereafter
Faultless(B)............   154,970    1992    Spot
Noiseless(B)............   149,554    1992    Time Charter   Q2/2010      $37,000(1)    None
Stainless(B)............   149,599    1992    Spot
Endless(B)..............   135,915    1992    Time Charter   Q4/2008(A)   $36,500       None
Limitless(B)............   136,055    1993    Spot
Stormless...............   150,038    1993    Spot
Ellen P.................   146,286    1996    Spot
Errorless...............   147,048    1993    Spot
Edgeless................   147,048    1994    Spot

11 Handymax Tankers
Victorious(B)...........    47,084    1991    Time Charter   Q3/2009      $14,000       50% thereafter
Sovereign(B)............    47,084    1992    Time Charter   Q3/2009      $14,000       50% thereafter
Invincible(B)...........    47,084    1992    Time Charter   Q3/2009      $14,000       50% thereafter
Relentless(B)...........    47,084    1992    Time Charter   Q3/2009      $14,000       50% thereafter
Vanguard(C).............    47,084    1992    Time Charter   Q1/2010      $13,250(2)    100% first $1,250 + 50% thereafter
Restless(B).............    47,084    1991    Time Charter   Q1/2010      $13,250(2)    100% first $1,250 + 50% thereafter
Spotless(C).............    47,094    1991    Time Charter   Q1/2010      $13,250(2)    100% first $1,250 + 50% thereafter
Doubtless(C)............    47,076    1991    Time Charter   Q1/2010      $13,250(2)    100% first $1,250 + 50% thereafter
Faithful(C).............    45,720    1992    Time Charter   Q1/2010      $13,250(2)    100% first $1,250 + 50% thereafter
Dauntless...............    46,168    1999    Time Charter   Q1/2010      $16,250       100% first $1,000 + 50% thereafter
Ioannis P...............    46,346    2003    Time Charter   Q4/2010      $18,000       100% first $1,000 + 50% thereafter

Total Tanker DWT         2,451,301


----------
(A)  Charterers  have  option to extend  contract  for an  additional  four-year
     period
(B)  Vessels sold and leased back for a period of 7 years.
(C)  Vessels sold and leased back for a period of 5 years.

(1)  Base rate will  change to $36,000  in Q2 2007 and  $35,000 in Q2 2008 until
     expiration.
(2)  Base rate will change to  $14,300,  plus 50% profit  sharing  participation
     thereafter, from Q1 2007 until expiration.


Credit Facility

As of  September  30,  2006,  TOP Tankers had total  indebtedness  under  senior
secured  credit  facilities of $299 million with its lenders,  the Royal Bank of
Scotland  ("RBS")  and  HSH  Nordbank  ("HSH"),   maturing  in  2015  and  2013,
respectively.  As of the date of this  release,  and after giving  effect to the
delivery of the M/T Topless to its new owners,  the Company's total indebtedness
under senior secured credit facilities was $204 million.

As of September 30, 2006,  the Company has three  interest rate swap  agreements
with RBS for the  amounts of $33.3  million,  $10  million and $10 million for a
period of four, seven and seven years, respectively.  Under these agreements the
interest  rate is fixed at an effective  annual rate of 4.66%,  4.52% and 4.40%,
respectively,  in addition to the  applicable  margin.  The Company also has one
interest  rate swap  agreement  with HSH for the amount of $42.1  million  for a
period of five  years,  at a fixed  interest  rate of 4.80% in  addition  to the
applicable  margin.  In  addition,  the  Company  has  two  interest  rate  swap
agreements  with  Deutsche  Bank and Egnatia Bank for the amounts of $50 million
and $10 million for a period of seven and seven years, respectively. Under these
agreements  the interest rate is fixed at an effective  annual rate of 4.63% and
4.70%,  respectively,  in addition to the applicable  margin. The above swaps of
$10 million, $10 million, $50 million and $10 million,  include steepening terms
based on the 2 and 10 year swap  difference,  which is  calculated  quarterly in
arrears.

On September 30, 2006, the Company's  ratio of indebtedness to total capital was
approximately 60.4%.

Resignation of Auditors

TOP Tankers  recently  announced the  resignation of its  independent  auditors,
Ernst & Young. The Company is currently discussing with another major accounting
firm that firm's appointment as the Company's independent auditors.

Conference Call and Webcast

TOP Tankers'  management  team will host a conference call to review the results
and discuss other corporate news and its outlook on Thursday,  December 7, 2006,
at  11:00  AM EST,  which  will be  broadcast  live  over  the  Internet.  Those
interested  in listening to the live webcast may do so by going to the Company's
website at www.toptankers.com, or by going to www.investorcalendar.com.

The telephonic  replay of the conference  call will be available by dialling 877
660 6853 (from the US and  Canada) or +1 201 612 7415 (from  outside  the US and
Canada) and by entering  account number 286 and conference ID number 219731.  An
online  archive will also be  available  immediately  following  the call at the
sites noted above. Both are available for one week, through December 14, 2006.

About TOP Tankers Inc

TOP Tankers Inc is an international provider of worldwide seaborne crude oil and
petroleum products  transportation  services. The Company operates 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 88.2% are sister  ships.  Fourteen of the Company's 24 tankers are
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 Statements

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.

                                  TABLES FOLLOW


TOP TANKERS INC.

CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars - except for share and per share data)



                                                            Three Months Ended                Nine Months Ended
                                                               September 30,                    September 30,
                                                        ----------------------------      ---------------------------
                                                           2005             2006             2005           2006
                                                        ------------     -----------      -----------    ------------
                                                        (unaudited)      (unaudited)      (unaudited)    (unaudited)
                                                                                             
REVENUES:
Voyage revenues                                         $    50,003      $   70,646       $  153,623     $   242,249
EXPENSES:
     Voyage expenses                                          8,877          12,314           23,351          42,374
     Charter hire expense                                     1,898          29,847            1,898          66,454
     Vessel operating expenses                               12,523          17,235           32,905          49,184
     Depreciation and amortization                           14,634          10,286           37,274          37,871
     General and administrative expenses                      8,742           5,856           14,748          17,908
     Amortization of deferred gain on sale of
     vessels                                                   (225)         (2,433)            (225)         (5,677)
     (Gain) on sale of vessels                              (10,115)              -          (10,115)              -
     Foreign currency (gains)/losses, net                        (1)             26              (58)            290
                                                        ------------     -----------      -----------    ------------
     Operating income (loss)                                 13,670          (2,485)           53,845          33,845
                                                        ------------     -----------      -----------    ------------

OTHER INCOME (EXPENSES):
     Interest and finance costs                              (6,280)         (9,801)         (14,684)        (24,089)
     Interest income                                            511             989            1,381           2,119
     Other, net                                                  20             (97)              52              54
                                                        ------------     -----------      -----------    ------------
     Total other expenses, net                               (5,749)         (8,909)         (13,251)        (21,916)

                                                        ------------     -----------      -----------    ------------
Net Income (loss)                                       $     7,921      $  (11,394)      $   40,594     $    11,929

                                                        ============     ===========      ===========    ============

Earnings / (loss) per share, basic and diluted          $      0.28      $    (0.35)      $     1.45     $      0.37
                                                        ============     ===========      ===========    ============

Weighted average common shares outstanding, basic
and diluted                                              28,020,990      32,163,137       27,895,019      29,964,597
                                                        ============     ===========      ===========    ============



TOP TANKERS INC.

CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars - except for share and per share data)



                                                                       December 31,      September 30,
                                                                           2005              2006
                                                                       --------------    --------------
                                                                                          (Unaudited)
                                                                                   
ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                                           $     17,462      $     38,624
   Other current assets                                                      50,112            44,272
                                                                       --------------    --------------
         Total current assets                                                 67,574            82,896

FINANCIAL INSTRUMENTS                                                            425                 -
VESSELS, NET                                                                 886,754           424,527
RESTRICTED CASH                                                                    -            50,000
OTHER NON-CURRENT ASSETS                                                      26,144            53,668

                                                                       --------------    --------------
         Total assets                                                  $     980,897     $     611,091
                                                                       ==============    ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Current portion of long-term debt                                   $      45,329     $     111,554
   Deferred income, current portion                                            2,451             9,731
   Other current liabilities                                                  30,814            36,049
                                                                       --------------    --------------
         Total current liabilities                                            78,594           157,334

FINANCIAL INSTRUMENTS                                                              -             2,669

LONG-TERM DEBT, net of current portion                                       518,774           185,485

DEFERRED INCOME, net of current portion                                       13,871            71,237

STOCKHOLDERS' EQUITY                                                         369,658           194,366

                                                                       --------------    --------------
         Total liabilities and stockholders' equity                    $     980,897     $     611,091
                                                                       ==============    ==============


Note:     As of June 30, 2006 and during the bareboat charter period, the amount
          of $50 million will be presented  separately as restricted  cash, even
          though  there  are no  actual  restrictions  as to  withdrawal  or use
          imposed  by  any  financial  institution.  As of  December  31,  2005,
          restricted cash relating to minimum liquidity  requirements under loan
          covenants  relating to the  Company's  owned  vessels was  included in
          "Other Non-Current Assets" and amounted to $13.5 million.  This amount
          will  be  included  in  the  $50  million  minimum  consolidated  cash
          balances.


TOP TANKERS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)


                                                                     Nine Months Ended September 30,
                                                                   -----------------------------------
                                                                        2005                2006
                                                                   ----------------    ---------------
                                                                     (unaudited)        (unaudited)
                                                                                 
Cash Flows from (used in) Operating Activities:
   Net income                                                      $        40,594     $       11,929
   Adjustments to reconcile net income to net cash
   provided by operating activities:
      Depreciation and amortization                                         38,384             42,142
      Stock-based compensation                                               3,242              3,427
      Change in fair value of financial instruments                              -              2,996
      Amortization of deferred income                                         (267)            (5,677)
      Gain on sale of vessels                                              (10,115)                 -
   Change in operating assets and liabilities                                5,161             11,075
   Payments for dry-docking                                                 (6,351)           (21,188)
                                                                   ----------------    ---------------
Net Cash from Operating Activities                                          70,648             44,704
                                                                   ----------------    ---------------

Cash Flows from (used in) Investing Activities:
      Advances for vessels acquisitions                                    (10,875)                 -
      Acquisition of vessels                                              (387,319)                 -
      Net proceeds from sale of vessels                                    153,085            474,616
      Other                                                                   (200)              (777)
                                                                   ----------------    ---------------
Net Cash from (used in) Investing Activities                              (245,309)           473,839
                                                                   ----------------    ---------------

Cash Flows from (used in) Financing Activities:
      Proceeds from long-term debt                                         284,294                  -
      Payments of long-term debt                                           (87,256)          (270,268)
      Swap termination proceeds                                              1,170                  -
      (Increase) decrease in restricted cash                                     -            (36,500)
      Issuance of common stock                                                   -             26,916
      Payment of financing costs                                            (2,866)               (63)
      Dividends paid                                                       (24,607)          (217,466)
                                                                   ----------------    ---------------
Net Cash from (used in) Financing Activities                               170,735           (497,381)
                                                                   ----------------    ---------------

Net increase (decrease) in cash and cash equivalents                        (3,926)            21,162
Cash and cash equivalents at beginning of period                           114,768             17,462
                                                                   ----------------    ---------------
Cash and cash equivalents at end of period                         $       110,842     $       38,624
                                                                   ================    ===============

SUPPLEMENTAL CASH FLOW INFORMATION
      Interest paid                                                $        13,200     $       15,975
                                                                   ================    ===============



RESTATEMENT OF FIRST QUARTER OF 2006 UNAUDITED FINANCIAL STATEMENTS

TOP TANKERS INC.

CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars - except for share and per share data)



                                                            Three Months Ended March 31,
                                                                        2006
                                                          ---------------------------------    Effect
                                                                                                 of
                                                           As Originally           As          Restate-
                                                             Reported           Restated        ment
                                                          ----------------    -------------    --------
                                                            (unaudited)        (unaudited)
                                                                                      
REVENUES:
Voyage revenues                                           $       101,746     $    101,746     $     0
EXPENSES:
   Voyage expenses                                                 16,234           16,234           0
   Charter hire expense                                             7,638            7,638           0
   Vessel operating expenses                                       15,731           15,731           0
   Depreciation and amortization                                   17,641           17,641           0
   General and administrative expenses                              7,282            7,282           0
   Amortization of deferred gain on sale of vessels                (1,055)            (812)        243
   Foreign currency losses                                             62               62           0
                                                          ----------------    -------------    --------
   Operating income                                                38,213           37,970        (243)
                                                          ----------------    -------------    --------

OTHER INCOME (EXPENSES):
   Interest and finance costs                                      (8,066)          (8,066)          0
   Interest income                                                    261              261           0
   Other, net                                                          (4)              (4)          0
                                                          ----------------    -------------    --------
   Total other expenses, net                                       (7,809)          (7,809)          0

                                                          ----------------    -------------    --------
Net Income                                                $        30,404     $     30,161     $  (243)

                                                          ================    =============    ========

Earnings per share, basic and diluted                     $          1.06     $       1.05     $ (0.01)
                                                          ================    =============    ========

Weighted average common shares outstanding, basic
and diluted                                                    28,099,212       28,099,212           0
                                                          ================    =============    ========


Note:     The  change in  "Amortization  of  deferred  gain on sale of  vessels"
          resulted from the revised accounting treatment of the Seller's Credit.


TOP TANKERS INC.

CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars - except for share and per share data)



                                                                           MARCH 31, 2006
                                                                  ---------------------------------     Effect
                                                                                                          of
                                                                  As Originally           As            Restate-
                                                                    Reported           Restated         ment
                                                                  ----------------    -------------     --------
                                                                    (unaudited)        (unaudited)
                                                                                               
ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                                      $       24,857     $      24,857       $     0
   Other current assets                                                   50,541            50,541             0
                                                                  ---------------    --------------     ---------
         Total current assets                                             75,398            75,398             0

FINANCIAL INSTRUMENTS                                                      1,009             1,009             0
VESSELS, NET                                                             643,924           643,924             0
OTHER NON-CURRENT ASSETS                                                  46,497            39,928        (6,569)

                                                                  ---------------    --------------     ---------
         Total assets                                             $      766,828     $     760,259      $ (6,569)
                                                                  ===============    ==============     =========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Current portion of long-term debt                              $      136,117     $     136,117      $      0
   Deferred income, current portion                                       11,701             7,219        (4,482)
   Other current liabilities                                              25,585            25,585             0
                                                                  ---------------    --------------     ---------
         Total current liabilities                                       173,403           168,921        (4,482)

LONG-TERM DEBT, net of current portion                                   288,491           288,491             0

DEFERRED INCOME, net of current portion                                   50,091            48,247        (1,844)

STOCKHOLDERS' EQUITY                                                     254,843           254,600          (243)

                                                                  ---------------    --------------     ---------
         Total liabilities and stockholders' equity               $      766,828     $     760,259      $ (6,569)
                                                                  ===============    ==============     =========



Note:     The change in "Other  Non-Current  Assets" resulted from the change of
          discount rate initially used to value the Seller's Credit.

          The change in "Deferred  Income,  current and  long-term  portion" and
          "Stockholders'  Equity" resulted from the revised accounting treatment
          and the change of discount rate  initially  used to value the Seller's
          Credit.


TOP TANKERS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)



                                                       Three Months Ended March 31,
                                                                   2006
                                                     ---------------------------------    Effect
                                                                                            of
                                                      As Originally          As           Restate-
                                                        Reported          Restated         ment
                                                     ----------------   -------------     --------
                                                       (unaudited)       (unaudited)
                                                                                 
Cash Flows from (used in) Operating Activities:
     Net income                                      $      30,404      $      30,161     $     (243)
     Adjustments to reconcile net income to net
     cash
      provided by operating activities:
        Depreciation and amortization                       19,229             19,229              0
        Stock-based compensation                             1,396              1,396              0
        Change in fair value of financial
        instruments                                           (248)              (248)             0
        Amortization of deferred income                     (1,055)              (812)           243
     Change in operating assets and liabilities             (5,658)            (5,658)             0
                                                     --------------     --------------    -----------
Net Cash from Operating Activities                          44,068             44,068              0
                                                     --------------     --------------    -----------

Cash Flows from (used in) Investing Activities:
     Net proceeds from sale of vessels                     251,502            251,502              0
     Other                                                    (165)              (165)             0
                                                     --------------     --------------    -----------
Net Cash from (used in) Investing Activities               251,337            251,337              0
                                                     --------------     --------------    -----------

Cash Flows from (used in) Financing Activities:
     Payments of long-term debt                           (140,996)          (140,996)             0
     Payment of financing costs                                (63)               (63)             0
     Dividends paid                                       (146,951)          (146,951)             0
                                                     --------------     --------------    -----------
Net Cash from (used in) Financing Activities              (288,010)          (288,010)             0
                                                     --------------     --------------    -----------

Net increase (decrease) in cash and cash
equivalents                                                  7,395              7,395              0
Cash and cash equivalents at beginning of period            17,462             17,462              0
                                                     --------------     --------------    -----------
Cash and cash equivalents at end of period           $      24,857      $      24,857     $        0
                                                     ==============     ==============    ===========

SUPPLEMENTAL CASH FLOW INFORMATION

     Interest paid                                   $       6,644      $       6,644     $        0
                                                     ==============     ==============    ===========


Note:     The  change  in "Net  Income"  resulted  from the  revised  accounting
          treatment of the Seller's Credit.


RESTATEMENT  OF  SECOND  QUARTER  AND  FIRST  HALF OF 2006  UNAUDITED  FINANCIAL
STATEMENTS

TOP TANKERS INC.

CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars - except
for share and per share data)



                                     Three Months Ended June 30,                    Six Months Ended June
                                                 2006                                     30, 2006
                                     -----------------------------                --------------------------
                                                                      Effect                                    Effect
                                          As                            of            As                          of
                                      Originally           As         Restate-    Originally         As         Restate-
                                       Reported         Restated       ment        Reported       Restated       ment
                                     ------------     ------------    --------    -----------    -----------    ---------
                                     (unaudited)      (unaudited)
                                                                                              
REVENUES:
Voyage revenues                      $     69,857     $    69,857     $     0     $  171,603     $  171,603     $      0
EXPENSES:
   Voyage expenses                         13,826          13,826           0         30,060         30,060            0
   Charter hire expense                    28,969          28,969           0         36,607         36,607            0
   Vessel operating expenses               16,218          16,218           0         31,949         31,949            0
   Depreciation and amortization            9,944           9,944           0         27,585         27,585            0
   General and administrative
   expenses                                 4,770           4,770           0         12,052         12,052            0
   Amortization of deferred
   gain on sale of vessels                 (4,161)         (2,432)      1,729         (5,216)        (3,244)       1,972
   Foreign currency losses                    202             202           0            264            264            0
                                     -------------    ------------    --------    -----------    -----------    ---------
   Operating income                            89          (1,640)     (1,729)        38,302         36,330       (1,972)
                                     -------------    ------------    --------    -----------    -----------    ---------

OTHER INCOME (EXPENSES):
   Interest and finance costs              (6,222)         (6,222)          0        (14,288)       (14,288)           0
   Interest income                          1,067             869        (198)         1,328          1,130         (198)
   Other, net                                 155             155           0            151            151            0
                                     -------------    ------------    --------    -----------    -----------    ---------
   Total other expenses, net               (5,000)         (5,198)       (198)       (12,809)       (13,007)        (198)

                                     -------------    ------------    --------    -----------    -----------    ---------
Net Income                           $     (4,911)    $    (6,838)    $(1,927)    $   25,493     $   23,323     $ (2,170)

                                     =============    ============    ========    ===========    ===========    =========

Earnings per share, basic and
diluted                              $      (0.17)    $     (0.24)    $ (0.07)    $     0.86     $     0.78     $  (0.08)
                                     =============    ============    ========    ===========    ===========    =========

Weighted average common shares
outstanding, basic and diluted         29,586,783      29,586,783           0     28,847,107     28,847,107            0
                                     =============    ============    ========    ===========    ===========    =========


Note:     The change in  "Amortization  of deferred gain on sale of vessels" and
          "Interest  Income" resulted from the revised  accounting  treatment of
          the Seller's Credit.


TOP TANKERS INC.

CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars - except for share and per share data)



                                                                            JUNE 30, 2006
                                                                   ---------------------------------     Effect
                                                                        As                                  of
                                                                    Originally             As            Restate-
                                                                     Reported           Restated           ment
                                                                   --------------    ---------------     ---------
                                                                    (Unaudited)       (Unaudited)
                                                                                                
ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                                       $      84,793     $       48,293      $(36,500)
   Other current assets                                                   36,912             36,912             0
                                                                   --------------    ---------------     ---------
         Total current assets                                            121,705             85,205       (36,500)

FINANCIAL INSTRUMENTS                                                      1,719              1,719             0
VESSELS, NET                                                             431,344            431,344             0
RESTRICTED CASH                                                                -             50,000        36,500*
OTHER NON-CURRENT ASSETS                                                  70,977             44,463       (13,014)*

                                                                   --------------    ---------------     ---------
         Total assets                                              $     625,745     $      612,731      $(13,014)
                                                                   ==============    ===============     =========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Current portion of long-term debt                               $      16,662     $       16,662      $      0
   Deferred income, current portion                                       16,864              9,730        (7,134)
   Other current liabilities                                              29,393             29,393             0
                                                                   --------------    ---------------     ---------
         Total current liabilities                                        62,919             55,785        (7,134)

LONG-TERM DEBT, net of current portion                                   284,505            284,505             0

DEFERRED INCOME, net of current portion                                   76,518             72,808        (3,710)

STOCKHOLDERS' EQUITY                                                     201,803            199,633        (2,170)

                                                                   --------------    ---------------     ---------
         Total liabilities and stockholders' equity                $     625,745     $      612,731      $(13,014)
                                                                   ==============    ===============     =========


Note:     * As of June 30,  2006 and during the  bareboat  charter  period,  the
          amount of $50 million will be presented separately as restricted cash,
          even though there are no actual  restrictions  as to withdrawal or use
          imposed  by  any  financial  institution.  In the  reported  unaudited
          consolidated  balance  sheet  as of June  30,  2006,  restricted  cash
          relating  to  minimum  liquidity  requirements  under  loan  covenants
          relating to the Company's owned vessels  amounted to $13.5 million and
          was included in Other Non-Current Assets.

          The change in "Other  Non-Current  Assets" resulted from the change of
          discount rate initially used to value the Seller's Credit.

          The change in "Deferred  Income,  current and  long-term  portion" and
          "Stockholders'  Equity" resulted from the revised accounting treatment
          and the change of discount rate  initially  used to value the Seller's
          Credit.


TOP TANKERS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)



                                                      Six Months Ended June 30, 2006
                                                     ---------------------------------
                                                          As                              Effect of
                                                      Originally                           Restate-
                                                       Reported          As Restated         ment
                                                     --------------     --------------    -----------
                                                      (Unaudited)        (Unaudited)
                                                                                 
Cash Flows from (used in) Operating Activities:
     Net income                                             25,493             23,323         (2,170)
     Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depreciation and amortization                       30,550             30,550              0
        Stock-based compensation                             1,755              1,755              0
        Change in fair value of financial
        instruments                                           (709)              (709)             0
        Long-term receivables discount
        adjustment                                            (198)                 -            198
        Amortization of deferred income                     (5,216)            (3,244)         1,972
     Change in operating assets and liabilities             11,779             11,779              0
     Payments for dry-docking                               (8,691)            (8,691)             0
                                                     --------------     --------------    -----------
Net Cash from Operating Activities                          54,763             54,763              0
                                                     --------------     --------------    -----------

Cash Flows from (used in) Investing Activities:
     Net proceeds from sale of vessels                     474,616            474,616              0
     Other                                                    (279)              (279)             0
                                                     --------------     --------------    -----------
Net Cash from (used in) Investing Activities               474,337            474,337              0
                                                     --------------     --------------    -----------

Cash Flows from (used in) Financing Activities:
     Payments of long-term debt                           (266,018)          (266,018)             0
     (Increase) decrease in restricted cash                      -            (36,500)       (36,500)
     Issuance of common stock                               21,778             21,778              0
     Payment of financing costs                                (63)               (63)             0
     Dividends paid                                       (217,466)          (217,466)             0
                                                     --------------     --------------    -----------
Net Cash from (used in) Financing Activities              (461,769)          (498,269)       (36,500)
                                                     --------------     --------------    -----------

Net increase (decrease) in cash and cash
equivalents                                                 67,331             30,831        (36,500)
Cash and cash equivalents at beginning of period            17,462             17,462              0
                                                     --------------     --------------    -----------
Cash and cash equivalents at end of period                  84,793             48,293        (36,500)
                                                     ==============     ==============    ===========

SUPPLEMENTAL CASH FLOW INFORMATION

     Interest paid                                          12,304             12,304              0
                                                     ==============     ==============    ===========


Note:     The  change  in  "Net   Income",   "Long-term   receivables   discount
          adjustment" and  "Amortization  of deferred  income" resulted from the
          revised accounting treatment of the Seller's Credit.

          As of June 30, 2006 and during the bareboat charter period, the amount
          of $50 million will be presented  separately as restricted  cash, even
          though  there  are no  actual  restrictions  as to  withdrawal  or use
          imposed  by  any  financial  institution.  In the  reported  unaudited
          consolidated  balance  sheet  as of June  30,  2006,  restricted  cash
          relating  to  minimum  liquidity  requirements  under  loan  covenants
          relating to the Company's owned vessels amounted to $13.5 million.


APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME AND RECONCILIATION OF EBITDA

Set forth below are some of the  significant  items of income and  expense  that
affected the Company's net income for the third quarter and first nine months of
2005 and  2006,  all of which  are  items the  Company  believes  are  typically
excluded by securities  analysts in their  published  estimates of the Company's
financial results:



                                                        Three Months Ended                         Nine Months Ended
                                              ---------------------------------------    ---------------------------------------
Description                                   September 30, 2005   September 30, 2006    September 30, 2005   September 30, 2006
-----------                                   ------------------   ------------------    ------------------   ------------------
                                                 (unaudited)           (unaudited)           (unaudited)           (unaudited)
                                                           Per                  Per                   Per                  Per
                                                 $        Share       $        Share         $       Share       $        Share
                                                 -        -----       -        -----         -       -----       -        -----
                                                                                                 
Reported  net income                            7,921      0.28    (11,394)    (0.35)     40,594      1.45     11,929      0.37

Restricted share plan to officers and
personnel                                       3,242      0.12      1,672      0.05       3,242      0.12      3,427      0.11
Issuance costs for preferred stock                965      0.03          -         -         965      0.03          -         -
Gain from termination of interest rate swap       (42)    (0.00)         -         -         (42)    (0.00)      (650)    (0.01)
Change of fair value of interest rate swaps         -         -      3,705      0.12           -         -      2,669      0.09
Bonus compensation provision to officers
and personnel                                   1,500      0.05          -         -       1,950      0.07      2,500      0.08
                                              --------   -------   --------   -------    --------   -------   --------   -------
Total                                           5,665      0.20      5,377      0.17       6,115      0.22      7,946      0.27

Net income after specific items                13,586      0.48     (6,017)    (0.18)*    46,709      1.67     19,875      0.64*
                                              ========   =======   ========   =======    ========   =======   ========   =======


----------
*    The net income for third  quarter and the nine months ended  September  30,
     2006 was also reduced by $0.07 and $0.15 per share respectively,  resulting
     from the revised  accounting  treatment of the Seller's Credit discussed in
     this release.


EBITDA RECONCILIATION(5)



(Expressed in Thousands of U.S Dollars)          Three Months Ended September 30,     Nine Months Ended September 30,
                                                 ---------------------------------    --------------------------------
                                                    2005               2006              2005             2006
                                                 -----------      ----------------    -----------    -----------------
                                                                                         
NET INCOME (LOSS)                                     7,921               (11,394)        40,594               11,929

DEPRECIATION AND AMORTIZATION                        14,634                10,286         37,274               37,871

INTEREST AND FINANCE COSTS, NET                       5,769                 8,812         13,303               21,970

                                                 -----------      ----------------    -----------    -----------------
EBITDA                                               28,324                 7,704         91,171               71,770
                                                 ===========      ================    ===========    =================


----------
(5)  EBITDA  represents  earnings before interest and finance costs, net, taxes,
     depreciation and amortization. Interest and finance costs, net include gain
     or loss from  termination of swaps and swap fair value  changes.  EBITDA is
     included in this release  because we believe it provides  investors with an
     understanding of operating  performance over  comparative  periods.  EBITDA
     should not be considered as a substitute  for income from  operations,  net
     income or cash  flows  from  operating  activities  (all as  determined  in
     accordance with generally accepted  accounting  principles) for the purpose
     of analyzing our operating performance,  financial position and cash flows,
     as EBITDA is not defined by generally accepted  accounting  principles.  We
     presented EBITDA, however, because it is commonly used by certain investors
     and  analysts to analyze and compare  companies  on the basis of  operating
     performance  and to determine a company's  ability to service  and/or incur
     debt.
                                     # # # #


                                   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 728691