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 August 2006

                        Commission File Number: 000-50859

                                TOP TANKERS INC.
                 (Translation of registrant's name into English)

                            109-111 Messogion Avenue
                                 Politia Centre
                                Athens 115 26 GR

                     (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 August 3, 2006 announcing the Company's
financial results for the second quarter and first half of 2006.



                                                                Exhibit 1

TOP TANKERS INC.

NEWS RELEASE for August 3, 2006 at 7:35 AM EDT
----------------------------------------------

Contact:   Michael Mason (investors)                Stamatis Tsantanis, CFO
           Allen & Caron Inc                        TOP Tankers Inc
           212 691 8087                             011 30 210 697 8199
           michaelm@allencaron.com                  snt@toptankers.com


             TOP TANKERS REPORTS SECOND QUARTER AND FIRST HALF 2006
                                FINANCIAL RESULTS


ATHENS, GREECE (August 3, 2006) ... TOP Tankers Inc (NasdaqGS:TOPT) today
announced its operating results for the second quarter and first half of 2006.

For the three  months  ended June 30,  2006,  the Company  reported  net loss of
$4,911,000,  or $0.17 per share,  compared  with net income of  $13,552,000,  or
$0.49 per share, for the second quarter of 2005. The weighted average numbers of
basic shares used in the  computations  were  29,586,783  and 27,830,990 for the
second  quarters  of 2006 and 2005,  respectively.  The  results  for the second
quarter of 2006 include net charges of  $359,000,  or $0.01 per share of special
items(1) that  affected the  Company's  net loss for the second  quarter of 2006
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 June 30, 2006, operating income was $89,000,
compared  with  $19,200,000  for the second  quarter of 2005.  EBITDA(1) for the
second quarter of 2006 was $10,188,000, compared with $33,128,000 for the second
quarter  of  2005.   Voyage  revenues  for  the  second  quarter  of  2006  were
$69,857,000, compared to $56,329,000 recorded in the second quarter of 2005.

For the six months  ended June 30,  2006,  the  Company  reported  net income of
$25,493,000,  or $0.86 per share,  compared with net income of  $32,673,000,  or
$1.17 per share,  for the first half of 2005.  The weighted  average  numbers of
basic shares used in the  computations  were  28,847,107  and 27,830,990 for the
first half of 2006 and 2005,  respectively.  The  results  for the first half of
2006 include net charges of $3,605,000, or $0.13 per share of special items that
affected the  Company's net income for the first half of 2006 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
six months ended June 30, 2006, operating income was $38,302,000,  compared with
$40,175,000  for the first  half of 2005.  EBITDA for the first half of 2006 was
$66,038,000,  compared with  $62,847,000  for the same period last year.  Voyage
revenues  for the six  month  period  ended  June 30,  2006  were  $171,603,000,
compared to $103,620,000 recorded in the first half of 2005.


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



Evangelos J.  Pistiolis,  President and Chief  Executive  Officer of TOP Tankers
Inc,  commented,  "As we discussed on the first quarter 2006 conference call, we
brought  forward our  dry-docking  schedule into the summer months,  in order to
take advantage of the anticipated  slower charter market.  However,  the freight
market so far has been exceptionally  strong and our drydocks have lasted longer
than expected,  due mostly to significant  delays in the Far Eastern  shipyards.
While TOP TANKERS REPORTS SECOND QUARTER 2006 FINANCIAL RESULTS Page 2-2-2

there remains a degree of uncertainty regarding the exact date of completion for
specific vessels, we expect to be able to enjoy the benefit of our full fleet's
availability throughout the winter period, which is traditionally the strongest
period of the year."

Pistiolis  continued,  "During the second quarter,  we sold 3,053,900  shares of
common  stock,  in  `at-the-market'  offerings at an average  price of $7.30 per
share. Such sales, together with continuing positive cash flows from operations,
further increased our cash position to more than $90 million.  In addition,  our
Board of Directors has approved our sale of up to an additional 5,000,000 shares
under this  program,  out of which  453,900  shares  were sold during the second
quarter.  Sales under this  program may or may not take place  depending  on our
assessment of the market and other circumstances."

The Company also stated that it has  cooperated  fully with the U.S.  Securities
and Exchange Commission related to its previously announced informal inquiry.


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TOP TANKERS REPORTS SECOND QUARTER 2006 FINANCIAL RESULTS

The following key indicators serve to highlight changes in the financial
performance of the Company's fleet during the second quarters and six-month
period ended June 30, 2005 and 2006:

                                                                                     Suezmax Fleet
                                                          Three Months Ended June 30,             Six Months Ended June 30,
(In U.S. Dollars unless otherwise stated)                   2005         2006       Change        2005         2006         Change
                                                            ----         ----       ------        ----         ----         ------
                                                                                                           
Total available ship days                                    791        1,183        49.6%       1,207        2,353          94.9%
Total operating days                                         687          892        29.8%       1,099        2,004          82.3%
Utilization                                                86.9%        75.4%       -13.2%       91.1%        85.2%          -6.5%
TCE(2) per ship per day under spot voyage charter         40,209       40,314         0.3%      44,716       52,089          16.5%
TCE per ship per day under time charter                   32,195       31,727        -1.5%      32,195       35,902          11.5%
Average TCE                                               37,223       37,031        -0.5%      41,800       45,749           9.4%
Vessel operating expenses per ship per day                 7,818        7,438        -4.9%       7,395        7,535           1.9%




                                                                                    Handymax Fleet
                                                          Three Months Ended June 30,             Six Months Ended June 30,
(In U.S. Dollars unless otherwise stated)                   2005         2006       Change        2005         2006         Change
                                                            ----         ----       ------        ----         ----         ------
                                                                                                           
Total available ship days                                  1,230        1,274         3.6%       2,147        2,534          18.0%
Total operating days                                       1,138        1,231         8.2%       2,048        2,467          20.5%
Utilization                                                92.5%        96.6%         4.4%       95.4%        97.4%           2.1%
TCE per ship per day under spot voyage charter            11,500            -            -      11,500            -              -
TCE per ship per day under time charter                   19,859       18,683        -5.9%      20,633       20,212          -2.0%
Average TCE                                               19,536       18,683        -4.4%      20,437       20,212          -1.1%
Vessel operating expenses per ship per day                 5,149        5,824        13.1%       5,055        5,611          11.0%



-----------------
(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.




                                                                                     Total Fleet*
                                                          Three Months Ended June 30,             Six Months Ended June 30,
(In U.S. Dollars unless otherwise stated)                   2005         2006       Change        2005         2006         Change
                                                            ----         ----       ------        ----         ----         ------
                                                                                                           
Total available ship days                                  2,112        2,457        16.3%       3,535        4,887          38.2%
Total operating days                                       1,916        2,123        10.8%       3,317        4,471          34.8%
Utilization                                                90.7%        86.4%        -4.8%       93.8%        91.5%          -2.5%
TCE per ship per day under spot voyage charter            37,539       40,314         7.4%      40,451       52,089          28.8%
TCE per ship per day under time charter                   21,176       21,513         1.6%      21,314       23,999          12.6%
Average TCE                                               25,232       26,392         4.6%      26,875       31,658          17.8%
Vessel operating expenses per ship per day                 5,822        6,601        13.4%       5,766        6,538          13.4%
General and administrative expenses per ship per day**     1,433        1,941        35.5%       1,699        2,466          45.2%


* Total Fleet information includes data for one Handysize tanker in 2005.
** The daily General and Administrative expenses include approximately $0 and
$146 for the three-month period and $127 and $871 for the 6-month period ended
June 30, 2005 and 2006 respectively, of non-cash restricted stock expense and
general compensation provision.

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Fleet Report

As of June 30, 2006, the Company's fleet under management totaled 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 23 vessels,  or 2.0 million dwt on June 30,  2005.  The
changes in the Company's fleet during the second quarter of 2006 are as follows:

On April 4, 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, generating a gain of $36 million, which is amortized over
the seven year lease period.

Fleet Deployment

During the first  quarter of 2006,  the  Company  had  approximately  71% of the
fleet's  operating  days on  long-term  employment  contracts.  Nineteen  of the
Company's 27 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.

The Company has secured  approximately  70% of the estimated  operating days for
2006  under  time  charter  contracts.  At the same  time,  the eight  Suezmaxes
operating in the spot market,  together with the profit sharing component of the
time charter  contracts,  expose  approximately  65% of the Company's  estimated
operating days for 2006 to spot rates, which may be potentially higher.

Suezmax Fleet:

During  the second  quarter  of 2006,  seven of the  Company's  Suezmax  tankers
operated in the spot market,  earning on average $40,314 per vessel per day on a
time charter equivalent (TCE) basis.

As of the date of this  release,  the  Company's  Suezmax  fleet  for the  third
quarter of 2006 has been fixed for employment as follows:

Spot: 58% of operating days at average daily TCE of $41,700 Total (Spot and time
charter,  including profit sharing):  58% of operating days at average daily TCE
of $40,000.

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 second quarter of 2006, including the profit-sharing allocated to the
Company  from these  profit-sharing  agreements,  the  Handymax  fleet earned on
average $18,683 per vessel per day on a TCE basis.

As of the date of this  release,  the  Company's  Handymax  fleet  for the third
quarter of 2006 has been fixed for 40% of its  operating  days at average  daily
TCE of $16,500.


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


                               Dwt       Year     Charter Type      Expiry     Daily Base             Profit Sharing
                                        Built                                     Rate            Above Base Rate (2006)
                                                                                     
13 Suezmax Tankers
Timeless(C).................  154,970      1991   Time Charter     Q2/2007       $28,000      100% first $7,000 + 50% thereafter
Flawless(C).................  154,970      1991   Time Charter     Q2/2007       $28,000      100% first $7,000 + 50% thereafter
Stopless(C).................  154,970      1991   Time Charter     Q2/2007       $28,000      100% first $7,000 + 50% thereafter
Priceless(C)................  154,970      1991       Spot
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

14 Handymax Tankers
Victorious(B)...............   47,084      1991   Time Charter     Q3/2009      $14,500(2)    100% first $500 + 50% thereafter
Sovereign(B)................   47,084      1992   Time Charter     Q3/2009      $14,500(2)    100% first $500 + 50% thereafter
Invincible(B)...............   47,084      1992   Time Charter     Q3/2009      $14,500(2)    100% first $500 + 50% thereafter
Relentless(B)...............   47,084      1992   Time Charter     Q3/2009      $14,500(2)    100% first $500 + 50% thereafter
Vanguard(C).................   47,084      1992   Time Charter     Q1/2010      $13,250(3)  100% first $1,250 + 50% thereafter
Restless(B).................   47,084      1991   Time Charter     Q1/2010      $13,250(3)  100% first $1,250 + 50% thereafter
Spotless(C).................   47,094      1991   Time Charter     Q1/2010      $13,250(3)  100% first $1,250 + 50% thereafter
Doubtless(C)................   47,076      1991   Time Charter     Q1/2010      $13,250(3)  100% first $1,250 + 50% thereafter
Faithful(C).................   45,720      1992   Time Charter     Q1/2010      $13,250(3)  100% first $1,250 + 50% thereafter
Topless..................      47,262      1998   Time Charter     Q2/2010      $16,250      100% first 1,000 + 50% thereafter
Taintless................      46,217      1999   Time Charter     Q1/2010      $16,250      100% first 1,000 + 50% thereafter
Dauntless................      46,168      1999   Time Charter     Q1/2010      $16,250      100% first 1,000 + 50% thereafter
Soundless................      46,185      1999   Time Charter     Q2/2010      $16,250      100% first 1,000 + 50% thereafter
Ioannis P................      46,346      2003   Time Charter     Q4/2010      $18,000(4)                 35% above base rate

Total Tanker DWT            2,590,965


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 $14,000 from Q3 2006 until expiration.
3.   Base rate will change to  $14,500,  plus 50% profit  sharing  participation
     thereafter,   from  Q1  2007  until  expiration.
4.   From Q3 2006  until  expiration,  base rate will  remain the same with 100%
     profit  sharing  participation  in the first $1,000 above base rate and 50%
     thereafter.


                               MORE - MORE - MORE



Credit Facility

As of June 30, 2006,  TOP Tankers had total  indebtedness  under senior  secured
credit  facilities of $303 million with its lenders,  the Royal Bank of Scotland
("RBS") and HSH Nordbank ("HSH"), maturing in 2015 and 2013, respectively.

As of June 30, 2006, the Company has two interest rate swap  agreements with RBS
and HSH for the amounts of $36.5  million and $45.0 million for a period of four
and five years, respectively.  Under these agreements the interest rate is fixed
at an effective annual rate of 4.66% and 4.80%, respectively, in addition to the
applicable  margin.  The interest rate for the unhedged  balance of the loans is
LIBOR, plus the margin. On June 30, 2006, the Company's ratio of indebtedness to
total capital was approximately 59.9%.

Dividend and Dividend Policy

The  Company  paid a special  dividend  of $2.50 per share on April 25,  2006 to
shareholders  of record as of April 17, 2006,  following the  completion of sale
and leaseback of five vessels in April 2006.

In addition, on April 6, 2006, the Company announced that its Board of Directors
had decided to change the Company's  dividend  policy from quarterly and special
dividend payments to special dividend payments.  Declaration and payment of such
dividends will be subject to the discretion of the Company's Board of Directors.
The timing and amount of future  dividend  payments  will be dependent  upon the
Company's earnings, financial condition, cash requirements and availability.

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, August 3, 2006, at
11:00 AM EDT, 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 209180.  An
online  archive will also be  available  immediately  following  the call at the
sites noted above. Both are available for one week, through August 10, 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 27
tankers,  consisting  of 13  double-hull  Suezmax  tankers  and  14  double-hull
Handymax  tankers,  with a total carrying  capacity of approximately 2.6 million
dwt, of which 88.8% are sister  ships.  Nineteen of the Company's 27 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.


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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 June 30,          Six Months Ended June 30,
                                                          ------------------------------------  --------------------------------
                                                             2005                2006               2005             2006
                                                          --------------      --------------    --------------   -------------
                                                          (unaudited)         (unaudited)       (unaudited)       (unaudited)
                                                                                                     
REVENUES:
Voyage revenues                                         $  56,329         $    69,857          $  103,620         $  171,603
EXPENSES:
       Voyage expenses                                      7,984              13,826              14,474             30,060
       Charter hire expense                                     -              28,969                   -             36,607
       Vessel operating expenses                           12,297              16,218              20,382             31,949
       Depreciation and amortization                       13,904               9,944              22,640             27,585
       General and administrative expenses                  3,027               4,770               6,006             12,052
       Amortization of deferred gain on sale
       of vessels                                               -             (4,161)                   -            (5,216)
       Foreign currency (gains) / losses, net                (83)                 202                (57)                264
                                                    -------------      --------------       -------------      -------------
       Operating income                                    19,200                  89              40,175             38,302
                                                    -------------      --------------       -------------      -------------

OTHER INCOME (EXPENSES):
       Interest and finance costs                         (5,894)             (6,222)             (8,404)           (14,288)
       Interest income                                        222               1,067                 870              1,328
       Other, net                                              24                 155                  32                151
                                                    -------------      --------------       -------------      -------------
       Total other expenses, net                          (5,648)             (5,000)             (7,502)           (12,809)

                                                    -------------      --------------       -------------      -------------
Net Income (loss)                                       $  13,552         $   (4,911)          $   32,673        $    25,493

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

Earnings / (loss) per share, basic and diluted          $    0.49         $    (0.17)          $     1.17        $     0.86
                                                    ==============     ==============       ==============     =============

Weighted average common shares outstanding,
basic and diluted                                      27,830,990          29,586,783          27,830,990         28,847,107
                                                    =============      ==============       =============      =============


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TOP TANKERS INC.

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



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

  CURRENT ASSETS:
      Cash and cash equivalents                     $      17,462          $    84,793
      Other current assets                                 50,112               36,912
                                                    -------------            --------
            Total current assets                           67,574              121,705

  FINANCIAL INSTRUMENTS                                       425                1,719
  VESSELS, NET                                            886,754              431,344
  OTHER NON-CURRENT ASSETS                                 26,144               70,977

                                                    --------------            --------
            Total assets                            $     980,897          $   625,745
                                                    ==============            ========

  LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
      Current portion of long-term debt             $      45,329          $    16,662
      Deferred income, current portion                      2,451               16,864
      Other current liabilities                            30,814               29,393
                                                    --------------            --------
            Total current liabilities                      78,594               62,919

  LONG-TERM DEBT, net of current portion                  518,774              284,505

  DEFERRED INCOME, net of current portion                  13,871               76,518

  STOCKHOLDERS' EQUITY                                    369,658              201,803

                                                    --------------            --------
     Total liabilities and stockholders' equity     $     980,897          $   625,745
                                                    ==============            ========


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TOP TANKERS INC.


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

                                                                  Six Months Ended June 30,
                                                              ------------------------------
                                                                  2005             2006
                                                              ----------         ----------
                                                               (unaudited)       (unaudited)
                                                                          
      Cash Flows from (used in) Operating Activities:
         Net income                                           $   32,673   $       25,493
         Adjustments to reconcile net income to net cash
         provided by operating activities:
             Depreciation and amortization                        23,139           30,550
             Stock-based compensation                                  -            1,755
             Change in fair value of financial instruments             -            (709)
             Long-term receivables discount adjustment                 -            (198)
             Amortization of deferred income                           -          (5,216)
         Change in operating assets and liabilities                5,553           11,779
         Payments for dry-docking                                (3,238)          (8,691)
                                                              -----------    -------------
      Net Cash from Operating Activities                          58,127           54,763
                                                              ...........    .............

      Cash Flows from (used in) Investing Activities:
             Acquisition of vessels                            (387,231)                -
             Net proceeds from sale of vessels                         -          474,616
             Other                                                 (169)            (279)
                                                              -----------    -------------
      Net Cash from (used in) Investing Activities             (387,400)          474,337
                                                              ...........    .............

      Cash Flows from (used in) Financing Activities:
             Proceeds from long-term debt                        284,294                -
             Payments of long-term debt                         (10,000)        (266,018)
             (Increase) decrease in restricted cash              (2,000)                -
             Issuance of common stock                                  -           21,778
             Payment of financing costs                          (2,866)             (63)
             Dividends paid                                     (11,690)        (217,466)
                                                              -----------    -------------
      Net Cash from (used in) Financing Activities               257,738        (461,769)
                                                              ...........    .............

      Net increase (decrease) in cash and cash equivalents      (71,535)           67,331
      Cash and cash equivalents at beginning of period           114,768           17,462
                                                              -----------    -------------
      Cash and cash equivalents at end of period              $   43,233   $       84,793
                                                              ===========    =============

      SUPPLEMENTAL CASH FLOW INFORMATION
             Interest paid                                    $    4,853   $       12,304
                                                              ===========    =============


                               MORE - MORE - MORE



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 second quarter and first half of 2006,
all of which items 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)

    Description                        Three months ended      Six months ended
                                       June 30, 2006           June 30, 2006
                                       (Unaudited)             (Unaudited)
                                       $     Per Share        $    Per Share

Restricted share plan to officers    359        0.01       1,755           0.06
and personnel
Bonus compensation provision           -           -       2,500           0.09
to officers and personnel
Gain from termination of               -           -       (650)         (0.02)
interest rate swap
                                     ---- ----------- ----------- --------------
Total                                359        0.01       3,605           0.13
                                     ==== =========== =========== ==============




Specific items had no material effect in Company's net income for the second
quarter and first half of 2005.


  EBITDA RECONCILIATION(3)
  (Expressed in Thousands of U.S Dollars)            Three Months Ended June 30,  Six Months Ended June 30,
                                                    ---------------------------   -------------------------
                                                       2005            2006            2005         2006
                                                    ----------     ------------     ---------    --------
                                                                                      
  NET INCOME (LOSS)                                    13,552          (4,911)        32,673      25,493

  DEPRECIATION AND AMORTIZATION                        13,904            9,944        22,640      27,585

  INTEREST AND FINANCE COSTS, NET                       5,672            5,155         7,534      12,960
                                                    ----------     ------------     ---------    --------
  EBITDA                                               33,128           10,188        62,847      66,038
                                                    ==========     ============     =========    ========


---------------
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: August 10, 2006                    By   /s/ Stamatis N. Tsantanis
                                              ---------------------------------
                                              Name: Stamatis N. Tsantanis
                                              Title:   Chief Financial Officer



SK 23116 0001 693763