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 March 2007

                             Commission File Number


                                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): ___

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.

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: ___

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.

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 March 8, 2007 announcing the Company's
fourth quarter and year end 2006 financial results.





                                                                       Exhibit 1


NEWS RELEASE for March 8, 2007

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 FOURTH QUARTER AND
                       FISCAL YEAR 2006 FINANCIAL RESULTS

Highlights:

o    Sale and Leaseback of 13 vessels and payment of $7.50 per share dividend

o    Agreement  for  construction  of six 50,000 dwt Product / Chemical  tankers
     with record delivery periods during the first six months of 2009

o    Sale of three  Handymaxes  reportedly  at one of the  highest  prices  ever
     achieved for such vessels

ATHENS,  GREECE  (March 8,  2007) ...  TOP  Tankers  Inc  (NasdaqGS:TOPT)  today
announced its operating results for the fourth quarter and the fiscal year ended
December 31, 2006.

For the three months ended December 31, 2006, the Company reported net income of
$3,212,000,  or $0.10 per share,  compared  with net income of  $28,090,000,  or
$1.00 per share, for the fourth quarter of 2005. The weighted average numbers of
basic shares used in the  computations  were  32,288,205  and 28,020,990 for the
fourth  quarters  of 2006 and 2005  respectively.  The  results  for the  fourth
quarter of 2006 and 2005 include net charges of $281,000, or $0.01 per share and
$3,366,000, or $0.12 per share, respectively,  of special items(1) that affected
the  Company's  net  results  for the  period  that 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. For the three months
ended  December  31,  2006,  operating  income  was  $7,516,000,  compared  with
$33,108,000 for the fourth quarter of 2005.  EBITDA(1) for the fourth quarter of
2006 was $18,305,000,  compared with $48,970,000 for the fourth quarter of 2005.
Voyage  revenues for the fourth  quarter of 2006 were  $67,794,000,  compared to
$90,592,000 recorded in the fourth quarter of 2005.

For the year  ended  December  31,  2006,  the  Company  reported  net income of
$15,141,000,  or $0.47 per share,  compared to $68,684,000,  or $2.46 per share,
for the previous year. The weighted  average numbers of basic shares used in the
computations  were  30,550,274  and  27,926,771 for the years ended December 31,
2006 and 2005,  respectively.  The results for the year ended  December 31, 2006
and 2005 include net charges of $8,227,000,  or $0.27 per share and  $9,481,000,
or $0.34 per share,  respectively,  of special items that affected the Company's
net income for the year that 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.  For the year ended  December 31, 2006,
operating  income was  $41,361,000,  compared with  $86,953,000 for the previous


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


year. EBITDA for 2006 was $90,075,000, compared to $140,141,000 for the previous
year.  Voyage revenues for the year ended December 31, 2006, were  $310,043,000,
compared to $244,215,000 recorded in the previous year.

Evangelos J.  Pistiolis,  President and Chief  Executive  Officer of TOP Tankers
Inc, commented,  "This year was an especially  challenging year for the Company.
We  completed  a $550  million  sale  &  lease  back  project,  which  generated
significant return of $7.50 per share to our shareholders.

"We also sold 3,907,365 shares of common stock in  'at-the-market'  offerings at
an average net price of $6.91 per share.

"During  the year we  drydocked  a total of 9 vessels  and  performed  extensive
upgrading of our fleet. The cost of recent and future upgrades will be in excess
of $50  million  and more than 60% of it has been  completed  as of year end. We
have  conducted  extensive  work  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 to continue to operate
and maintain our fleet with the utmost efficiency and professionalism.

"We believed that it was the right time to undertake such a large  project,  and
expect that going forward this strategy will help to make 2007 a stronger year.

"In 2006, we also sold three Handymax  tankers,  one built in 1998 and two built
in 1999. We believe that the aggregate sale price of $128 million was one of the
highest prices ever achieved for such vessels in the industry.

"In  addition,  we have entered  into an  agreement  to acquire six  newbuilding
Handymax product tankers for a purchase price of $285 million.  Furthermore,  we
managed  to arrange  for the new  vessels  to be  delivered  in first and second
quarters of 2009.  We review this as a real  achievement,  since most  shipyards
were not offering tanker newbuilding deliveries prior to 2010 or 2011.

"We look forward to a very active year in 2007."


The  following  key  indicators  serve to  highlight  changes  in the  financial
performance  of the Company's  fleet during the fourth  quarters and years ended
December 31, 2005 and 2006:

                                                                                       Suezmax Fleet
                                                                                       -------------

                                                           Three Months Ended December 31,          Year Ended December 31,
(In U.S. Dollars unless otherwise stated)                    2005        2006      Change            2005      2006    Change
                                                             ----        ----      ------            ----      ----    ------
                                                                                                      
Total available ship days                                   1,011       1,196       18.3%           3,046     4,745     55.8%
Total operating days                                          943         979        3.8%           2,771     3,837     38.5%
Utilization                                                  93.3%       81.9%     -12.2%            91.0%     80.9%   -11.1%
TCE(2) per ship per day under spot voyage charter          61,447      37,652      -38.7%          46,014    45,328     -1.5%
TCE per ship per day under time charter                    39,583      34,058      -14.0%          34,116    36,069      5.7%
Average TCE                                                52,660      36,503      -30.7%          41,622    41,887      0.6%
Vessel operating expenses per ship per day                  7,662       8,277        8.0%           7,578     7,748      2.2%

                                                                                       Handymax Fleet
                                                                                       --------------

                                                           Three Months Ended December 31,          Year Ended December 31,
(In U.S. Dollars unless otherwise stated)                    2005        2006      Change            2005      2006    Change
                                                             ----        ----      ------            ----      ----    ------
Total available ship days                                   1,248       1,180       -5.4%           4,604     5,002      8.6%
Total operating days                                        1,231       1,117       -9.3%           4,421     4,797      8.5%
Utilization                                                  98.6%       94.7%      -4.0%            96.0%     95.9%    -0.1%
TCE per ship per day under spot voyage charter                  -           -           -          11,500         -        -
TCE per ship per day under time charter                    22,262      17,082      -23.3%          20,500    19,590     -4.4%
Average TCE                                                22,262      17,082      -23.3%          20,411    19,590     -4.0%
Vessel operating expenses per ship per day                  5,341       5,931       11.1%           5,085     5,862     15.3%

                                                                                       Total Fleet*
                                                                                       ------------

                                                           Three Months Ended December 31,           Year Ended December 31,
(In U.S. Dollars unless otherwise stated)                    2005        2006      Change            2005      2006    Change
                                                             ----        ----      ------            ----      ----    ------
Total available ship days                                   2,259       2,376        5.2%           7,905     9,747     23.3%
Total operating days                                        2,174       2,096       -3.6%           7,436     8,634     16.1%
Utilization                                                  96.2%       88.2%      -8.3%            94.1%     88.6%    -5.8%
TCE per ship per day under spot voyage charter             61,433      37,652      -38.7%          43,713    45,328      3.7%
TCE per ship per day under time charter                    26,339      20,798      -21.0%          22,566    23,366      3.5%
Average TCE                                                35,443      26,153      -26.2%          27,881    29,499      5.8%
Vessel operating expenses per ship per day                  6,379       7,112       11.5%           5,985     6,780     13.3%
General and administrative expenses per ship per day**      4,015       2,012      -49.9%           3,013     2,328    -22.7%


*    Total Fleet information includes data for one Handysize tanker in 2005.

**   The daily General and Administrative  expenses include approximately $2,134
     and ($183) for the  three-month  period  ended  December 31, 2005 and 2006,
     respectively,  and $1,389 and $564 for the year ended December 31, 2005 and
     2006  respectively,  of  non-cash  restricted  stock  expense,  convertible
     offering  issuance  costs  write-off,  general  compensation  provision and
     specific legal and auditing fees.

----------
(2)  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 December 31, 2006, the Company's fleet size was 24 vessels, or 2.5 million
dwt  (including 18 vessels sold and leased back for a period of 5 to 7 years) as
compared to 27 vessels,  or 2.6 million dwt (including 5 vessels sold and leased
back for a period of 7 years) on December 31, 2005. The changes in the Company's
fleet during 2006 are as follows:

In March  2006,  the  Company  sold and  leased-back  the  Handymax  tankers M/T
Faithful,  M/T Spotless,  M/T Vanguard and M/T Doubtless and the Suezmax tankers
M/T Flawless,  M/T Timeless, M/T Priceless and M/T Stopless for a period of five
years.

In April  2006,  the  Company  sold and  leased-back  the  Suezmax  tankers  M/T
Limitless,  M/T Endless,  M/T  Stainless,  M/T Faultless and M/T Noiseless for a
period of seven years.

In September and October 2006, the Company sold the vessels M/T  Taintless,  M/T
Soundless and M/T Topless for a total consideration of $127.5 million,  resulted
in a total  book gain of $12.7  million,  which  was  recognized  in the  fourth
quarter of 2006. The M/T Taintless and M/T Soundless were delivered to their new
owners in November  2006 and the M/T Topless was  delivered to its new owners in
December 2006.

In October 2006, the Company entered into an agreement with SPP Shipbuilding Co,
Ltd of the  Republic of Korea for the  construction  of six 50,000 dwt Product /
Chemical  tankers.  The vessels  will be  delivered  during the first and second
quarters of 2009.  The total  investment  for the Company will be  approximately
$285.4  million,  which will be funded  with  secured  credit  lines and working
capital.

Fleet Deployment

During the fourth  quarter of 2006,  the  Company had  approximately  68% of the
fleet's  operating  days  on  long-term  employment  contracts.  Fifteen  of the
Company's 24 tankers are on time charter  contracts with an average term of over
three years with all but three of the time  charters  including  profit  sharing
agreements.

The Company has secured  approximately  67% of the estimated  operating days for
2007  under  time  charter  contracts.  At the same  time,  the  nine  Suezmaxes
operating in the spot market,  together with the profit sharing component of the
time charter  contracts,  expose  approximately  56% of the Company's  estimated
operating days for 2007 to spot rates, which may be potentially higher.

Suezmax Fleet:

During  the fourth  quarter  of 2006,  eight of the  Company's  Suezmax  tankers
operated in the spot market,  earning on average $37,652 per vessel per day on a
time charter equivalent (TCE) basis.

During  the  fourth  quarter  of 2006,  four of the  Company's  Suezmax  tankers
operated in the spot market,  earning on average $34,058 per vessel per day on a
time charter equivalent (TCE) basis.

During the fourth  quarter of 2006,  one of the  Company's  Suezmax  tankers was
undergoing its special survey and was not operational.

As of the date of this  release,  the  Company's  Suezmax  fleet  for the  first
quarter of 2007 has been fixed as follows:

Spot: 74% of operating days at average daily TCE of $38,000

Total (Spot and time charter,  including profit sharing):  82% of operating days
at average daily TCE of $37,000.

In  addition,  as of the date of this  release,  we had a total  of 65  off-hire
Suezmax days in the first quarter of 2007,  associated  with the  dry-docking of
the M/T Stopless and the ballast tank cleaning process of the M/T Faultless.

Handymax Fleet:

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

During the fourth quarter of 2006, including the profit-sharing allocated to the
Company  from these  profit-sharing  agreements,  the  Handymax  fleet earned on
average $17,082 per vessel per day on a time charter equivalent (TCE) basis.

As of the date of this  release,  the  Company's  Handymax  fleet  for the first
quarter of 2007 has been fixed for 70% of its  operating  days at average  daily
TCE of $20,500.

In  addition,  as of the date of this  release,  we had a total  of 48  off-hire
Handymax days in the first quarter of 2007,  associated  with the dry-docking of
the M/T Vanguard.






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

                                      Year                                                        Profit Sharing
                          Dwt         Built       Charter Type   Expiry       Daily Base 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     Time Charter   Q4/2009       $36,900           None
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       $15,250           50% thereafter
Restless(B).............     47,084      1991     Time Charter   Q4/2009       $15,250           50% thereafter
Spotless(C).............     47,094      1991     Time Charter   Q1/2010       $15,250           50% thereafter
Doubtless(C)............     47,076      1991     Time Charter   Q1/2010       $15,250           50% thereafter
Faithful(C).............     45,720      1992     Time Charter   Q2/2010       $14,500           100% first $500 + 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.

Credit Facility

As of December 31, 2006, TOP Tankers had total indebtedness under senior secured
credit  facilities of $220 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  payment  of first
instalment of the two remaining  newbuildings,  the Company's total indebtedness
under the senior secured credit facilities was $230 million.

As of December 31, 2006,  the Company has three  interest  rate swap  agreements
with RBS for the  amounts of $31.7  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%,  4.23% and 4.11%,
respectively,  in addition to the  applicable  margin.  The Company also has one
interest  rate swap  agreement  with HSH for the amount of $41.2  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 4.45% and
4.76%,  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. The interest rate for the remaining balance of the loans is LIBOR, plus
the margin.

On December 31, 2006, the Company's  ratio of  indebtedness to total capital was
approximately 52.4%.

Restatement of Interim Financial Statements

On December 7, 2006,  the Company  announced  that it had  restated  its interim
financial  statements for the quarter ended March 31, 2006 and June 30, 2006, to
reflect a change of treatment of the sellers' credits that were part of the sale
leasebacks mentioned above. These transactions were entered into during 2006 and
do not affect the Company's  results from the year ended  December 31, 2005. The
revised  treatment of the sellers'  credits has been  reflected in the Company's
results for the full year ended December 31, 2006.

Litigation

The Company and certain of its executive  officers were named as defendants in a
putative class action  securities law suit brought in the United States District
Court,  Southern  District of New York,  alleging  violations of the  Securities
Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder.
As of the date of this release,  none of the  defendants has been served in this
action,  which has been consolidated with nine additional  putative class action
law suits. The Court is currently  considering a motion for the appointment of a
lead plaintiff.

The  Company has also been named as a nominal  defendant  in a  derivative  suit
seeking damages from certain  individual  officers and directors of the Company,
on  behalf  of the  Company,  for  alleged  breaches  of  fiduciary  duties  and
violations  of the Exchange  Act. The Company has not been served in this action
as of this date of this release.

The Company intends to defend these suits vigorously.

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,  March 8, 2007 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.  Web participants
are encouraged to go to either website at least 15 minutes prior to the start of
the call to register,  download,  and install any necessary audio software.  The
online  archive will be available  shortly after the  conclusion of the call and
continue for seven days.

The telephonic  replay of the  conference  call will be available by dialing 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 232792.  An
online  archive will also be  available  immediately  following  the call at the
sites noted above. Both are available for one week, through March 15, 2007.

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. Fifteen of the Company's 24 tankers are on
time  charter  contracts  with an average  term of over three years with all but
three 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 UNAUDITED STATEMENTS OF INCOME
(Expressed in thousands of U.S. Dollars - except for share and per share data)



                                                       Three Months Ended December 31,        Year Ended December 31,
                                                      --------------------------------     ----------------------------
                                                            2005              2006              2005            2006
                                                       -------------    ---------------     -----------    -------------
                                                                                                     
REVENUES:
Voyage revenues                                              90,592             67,794         244,215          310,043
EXPENSES:
     Voyage expenses                                         13,538             12,977          36,889           55,351
     Charter hire expense                                     5,308             29,848           7,206           96,302
     Vessel operating expenses                               14,410             16,898          47,315           66,082
     Depreciation and amortization                           15,780             10,910          53,054           48,781
     General and administrative expenses                      9,070              4,780          23,818           22,688
     Amortization of deferred income                           (612)            (2,433)           (837)          (8,110)
     (Gain) on sale of vessels                                    -            (12,667)        (10,115)         (12,667)
     Foreign currency (gains) / losses, net                     (10)               (35)            (68)              255
                                                       -------------    ---------------     -----------    -------------
     Operating income                                        33,108              7,516          86,953           41,361
                                                       -------------    ---------------     -----------    -------------

OTHER INCOME (EXPENSES):
     Interest and finance costs                              (5,493)            (5,086)        (20,177)         (29,175)
     Interest income                                            393                903           1,774            3,022
     Other, net                                                  82               (121)            134              (67)
                                                       -------------    ---------------     -----------    -------------
     Total other expenses, net                               (5,018)            (4,304)        (18,269)         (26,220)
                                                       -------------    ---------------     -----------    -------------
Net Income                                                   28,090              3,212          68,684           15,141
                                                       =============    ===============     ===========    =============

Earnings per share, basic and diluted                          1.00               0.10            2.46             0.47
                                                       =============    ===============     ===========    =============

Weighted average common shares outstanding, basic        28,020,990         32,288,205      27,926,771       30,550,274
                                                       =============    ===============     ===========    =============







TOP TANKERS INC.

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

                                                   December 31,     December 31,
                                                        2005           2006
                                                      --------       --------

ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                            17,462         29,992
   Other current assets                                 50,112         42,807

    Total current assets                                67,574         72,799

FINANCIAL INSTRUMENTS                                      425              -
ADVANCES FOR VESSELS UNDER CONSTRUCTION                      -         28,683
VESSELS, NET                                           886,754        306,418
RESTRICTED CASH                                         13,500         50,000
OTHER NON-CURRENT ASSETS                                12,644         64,835
                                                      --------       --------
    Total assets                                       980,897        522,735
                                                      ========       ========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Current portion of long-term debt                    45,329         16,588
   Deferred income, current portion                      2,451          9,731
   Other current liabilities                            30,814         24,021
                                                      --------       --------
    Total current liabilities                           78,594         50,340

FINANCIAL INSTRUMENTS                                        -          3,384

LONG-TERM DEBT, net of current portion                 518,774        201,464

DEFERRED INCOME, net of current portion                 13,871         69,692

COMMITMENTS AND CONTINGENCIES                                -              -

STOCKHOLDERS' EQUITY                                   369,658        197,855
                                                      --------       --------
    Total liabilities and stockholders' equity         980,897        522,735
                                                      ========       ========




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 fourth quarter and year ended December
31, 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:

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


                                                        Three Months Ended                             Year Ended
                                               --------------------------------------    ---------------------------------------
              Description                        December 31, 2005   December 31, 2006   December 31, 2005   December 31, 2006
                                                    (unaudited)        (unaudited)          (unaudited)        (unaudited)
                                                    -----------        -----------          -----------        -----------
                                                   $     Per Share    $     Per Share     $     Per Share       $      Per Share
                                                -------  --------- -------  ---------  -------  ---------     -------  ---------

                                                                                                   
Reported  net income                             28,090    1.00       3,212    0.10     68,684     2.46       15,141       0.47

Restricted share plan to officers and personnel     236    0.01         283    0.01      3,478     0.12        3,710       0.12
Issuance costs for preferred stock                    -       -           -       -        965     0.04            -          -
Gain from termination of interest rate swap      (1,128)  (0.04)          -       -     (1,170)   (0.04)        (650)     (0.02)
Change of fair value of interest rate swaps        (327)  (0.01)        715    0.02       (327)   (0.01)       3,384       0.11
Specific legal and auditing fees                      -       -         989    0.03          -        -          989       0.03
Bonus compensation provision to
officers and personnel                            4,585    0.16      (1,706)  (0.05)     6,535     0.23          794       0.03
                                                 ----------------------------------------------------------------------------------
Total                                             3,366    0.12         281    0.01      9,481     0.34        8,227       0.27

Net income after specific items                  31,456    1.12       3,493    0.11     78,165     2.80       23,368       0.74
                                                 ==================================================================================










 EBITDA RECONCILIATION(3)
(Expressed in Thousands of U.S Dollars)

                                       Three Months Ended      Year Ended
                                           December 31,       December 31,
                                      -------------------    ------------------
                                      2005         2006       2005      2006
                                      -------------------    ------------------

 NET INCOME                          28,090        3,212      68,684    15,141
 DEPRECIATION AND AMORTIZATION       15,780       10,910      53,054    48,781
 INTEREST AND FINANCE COSTS, NET      5,100        4,183      18,403    26,153
                                   ---------    ---------   ---------  --------
 EBITDA                              48,970       18,305     140,141    90,075
                                   =========    =========   =========  ========

----------
(3)  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: March 8, 2007                         By  /s/ Stamatis N. Tsantanis
                                                 -----------------------------
                                             Name:  Stamatis N. Tsantanis
                                             Title: Chief Financial Officer




SK 23116 0001 754861