TOP SHIPS INC. is a provider of international seaborne transportation services, carrying petroleum products, crude oil for the oil industry and drybulk commodities for the steel, electric utility, construction and agriculture-food industries. The Company operates in two segments: tanker fleet and drybulk fleet. As of December 31, 2008, the Company’s fleet consisted of 12 vessels (five drybulk vessels and seven tankers), with total carrying capacity of approximately 0.7 million deadweight (dwt), including seven owned and five vessels sold and leased back for a period of five to seven years.