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TOP SHIPS INC. Capital/Financing Update 2004

Nov 11, 2004

34861_rns_2004-11-12_c622593b-d283-4627-83d2-5e8466deaf05.zip

Capital/Financing Update

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Registration Statement No. 333-119806

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

Post-Effective Amendment No. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

TOP TANKERS INC. (Exact name of registrant as specified in its charter)

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Republic of the Marshall Islands (State or other jurisdiction of incorporation or organization) N/A (I.R.S. Employer Identification No.)
109-111 Messogion Avenue Politia Centre, Athens 115 26 GR (011) (30) 210 69 30 288 (Address and telephone number of Registrant's principal executive offices) Seward & Kissel LLP Attention: Gary J. Wolfe, Esq. One Battery Park Plaza New York, New York 10004 (212) 574-1200 (Name, address and telephone number of agent for service)

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Copies to:

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Gary J. Wolfe, Esq. Seward & Kissel LLP One Battery Park Plaza New York, New York 10004 (212) 574-1200 (telephone number) (212) 480-8421 (facsimile number) Stephen P. Farrell, Esq. Morgan, Lewis & Bockius LLP 101 Park Avenue New York, New York 10178 (212) 309-6000 (telephone number) (212) 309-6001 (facsimile number)

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Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. o

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. o

ZEQ.=1,SEQ=1,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=502601,FOLIO='blank',FILE='DISK038:[04NYC4.04NYC8084]BA8084A.;5',USER='RBERNHA',CD=';5-NOV-2004;06:55' THIS IS THE END OF A COMPOSITION COMPONENT

TOC_END

PART II INFORMATION NOT REQUIRED IN THE PROSPECTUS

Item 6. Indemnification of Directors and Officers.

The By-Laws of the Registrant provide that every director and officer of the Registrant shall be indemnified out of the funds of the Registrant against:

Section 60 of the Associations Law of the Republic of the Marshall Islands provides as follows:

II-1

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Item 7. Recent Sales of Unregistered Securities.

Not applicable

Item 8. Exhibits and Financial Statement Schedules.

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Exhibit Number Description
1 Form of Underwriting Agreement
3.1 Amended and Restated Articles of Incorporation of TOP Tankers Inc.*
3.2 By-Laws of the Company (Previously filed as Exhibit 3.4 to the Company's registration statement on Form F-1 on July 7, 2004)
4 Form of Share Certificate (Previously filed as Exhibit 4 to the Company's registration statement on Form F-1 on July 21, 2004)
5 Opinion of Seward & Kissel LLP, United States and Marshall Islands Counsel to the Company, as to the validity of the Shares
8 Opinion of Seward & Kissel LLP, United States counsel to the Company, with respect to certain tax matters
10.1 Loan Agreement between the Company and the Royal Bank of Scotland plc dated August 10, 2004 and supplemented September 30, 2004*
10.1 Memorandum of Agreement relating to Priceless
10.2 Memorandum of Agreement relating to Stopless
10.3 Memorandum of Agreement relating to Faultless
10.4 Memorandum of Agreement relating to Noiseless
10.5 Memorandum of Agreement relating to Stainless

insert table folio

II-2

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10.6 Commitment Letter from the Royal Bank of Scotland plc*
21 Subsidiaries of the Company*
23.1 Consent of Seward & Kissel LLP*
23.2 Consent of Ernst & Young (Hellas) Certified Auditors Accountants S.A.*
23.3 Consent of Clarksons Research Studies*
24 Powers of Attorney*
* Previously filed

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(b) Schedule I—Condensed Financial Information of Top Tankers Inc. and Subsidiaries

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Schedule Number Description
b-1 Balance Sheets—December 31, 2002 and 2003*
b-2 Statements of Income for the years ended December 31, 2001, 2002 and 2003*
b-3 Statement of Stockholder's Equity for the years ended December 31, 2001, 2002 and 2003*
b-4 Statement of Cash Flows for the years ended December 31, 2001, 2002 and 2003*
b-5 Notes to Condensed Financial Information*

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Item 9. Undertakings.

The undersigned registrant hereby undertakes:

II-3

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THIS IS THE END OF A COMPOSITION COMPONENT

TOC_END

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-l and has duly caused this Post Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Athens, Country of Greece on November 10, 2004.

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TOP TANKERS INC.
By: /s/ THOMAS F. JACKSON Name: Thomas F. Jackson Title: Chairman of the Board

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Pursuant to the requirements of the Securities Act of 1933, this Post Effective Amendment to the Registration Statement has been signed by the following persons on November 10, 2004 in the capacities indicated.

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Signature Title
/s/ EVANGELOS J. PISTIOLIS* Evangelos J. Pistiolis Director, President and Chief Executive Officer (Principal Executive Officer)
/s/ THOMAS F. JACKSON* Thomas F. Jackson Director and Chairman of the Board
/s/ STAMATIOS N. TSANTANIS* Stamatios N. Tsantanis Director and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
/s/ VANGELIS G. IKONOMOU* Vangelis G. Ikonomou Director and Executive Vice President
/s/ MICHAEL G. DOCHERTY* Michael G. Docherty Director
/s/ CHRISTOPHER J. THOMAS* Christopher J. Thomas Director
/s/ ROY GIBBS* Roy Gibbs Director
/s/ EIRINI ALEXANDROPOULOU* Eirini Alexandropoulou Corporate Secretary

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PUGLISI & ASSOCIATES — By: /s/ GREGORY F. LAVELLE Name: Gregory F. Lavelle Title: Managing Director
*By: /s/ GARY J. WOLFE Gary J. Wolfe Attorney-in-fact**
**By authority of power of attorney previously filed

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II-4

ZEQ.=1,SEQ=5,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=541455,FOLIO='II-4',FILE='DISK038:[04NYC4.04NYC8084]JC8084A.;16',USER='NDEWIND',CD='10-NOV-2004;18:09' THIS IS THE END OF A COMPOSITION COMPONENT

Schedule I—Condensed Financial Information of TOP Tankers Inc. (Formerly Ocean Holdings Inc.)

Balance Sheets—December 31, 2002 and 2003 (Expressed in thousands of U.S. Dollars)

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2002 2003
ASSETS
Current Assets — —
INVESTMENTS 8,772 16,319
Total assets 8,772 16,319
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities — —
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value; 50,000,000 shares authorized; 6,000,000 issued and outstanding at December 31, 2002 and 2003. 60 60
Additional paid-in capital 6,867 13,351
Retained earnings 1,845 2,908
Total stockholders' equity 8,772 16,319
Total liabilities and stockholders' equity 8,772 16,319

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B-1

ZEQ.=1,SEQ=6,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=16003,FOLIO='B-1',FILE='DISK038:[04NYC4.04NYC8084]JE8084A.;12',USER='RBERNHA',CD=';5-NOV-2004;06:56'

Schedule I—Condensed Financial Information of TOP Tankers Inc. (Formerly Ocean Holdings Inc.)

Statements of Income for the years ended December 31, 2001, 2002 and 2003 (Expressed in thousands of U.S. Dollars—except share and per share data)

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2001 2002 2003
REVENUES:
Equity in net income of subsidiaries 1,777 201 1,634
Net Income 1,777 201 1,634
Earnings per share, basic and diluted 0.30 0.03 0.27
Weighted average number of shares, basic and diluted 6,000,000 6,000,000 6,000,000

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B-2

ZEQ.=2,SEQ=7,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=298857,FOLIO='B-2',FILE='DISK038:[04NYC4.04NYC8084]JE8084A.;12',USER='RBERNHA',CD=';5-NOV-2004;06:56'

Schedule I—Condensed Financial Information of TOP Tankers Inc. (Formerly Ocean Holdings Inc.)

Statement of Stockholders' Equity for the years ended December 31, 2001, 2002 and 2003 (Expressed in thousands of U.S. Dollars—except share and per share data)

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Comprehensive Income Capital Stock Additional Paid-in Capital Retained Earnings Total
BALANCE, December 31, 2000 60 4,588 1,211 5,859
Net income 1,777 — — 1,777 1,777
Dividends paid (US dollars 0.08 per share) — — — (500 ) (500 )
Comprehensive income 1,777
BALANCE, December 31, 2001 60 4,588 2,488 7,136
Net income 201 — — 201 201
Contributions to additional paid in capital — — 2,279 — 2,279
Dividends paid (US dollars 0.14 per share) — — — (844 ) (844 )
Comprehensive income 201
BALANCE, December 31, 2002 60 6,867 1,845 8,772
Net income 1,634 — — 1,634 1,634
Dividends paid (US dollars 0.10 per share) — — — (571 ) (571 )
Contributions to additional paid in capital — — 6,484 — 6,484
Comprehensive income $ 1,634
BALANCE, December 31, 2003 60 13,351 2,908 16,319

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B-3

ZEQ.=3,SEQ=8,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=955838,FOLIO='B-3',FILE='DISK038:[04NYC4.04NYC8084]JE8084A.;12',USER='RBERNHA',CD=';5-NOV-2004;06:56'

Schedule I—Condensed Financial Information of TOP Tankers Inc. (Formerly Ocean Holdings Inc.)

Statements of Cash Flows for the years ended December 31, 2001, 2002 and 2003 (Expressed in thousands of U.S. Dollars)

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2001 2002 2003
Cash Flows from Operating Activities:
Net income 1,777 201 1,634
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of affiliates (1,277 ) 643 (1,063 )
Net Cash from Operating Activities 500 844 571
Cash Flows from (used in) Investing Activities:
Investment in subsidiaries — (2,279 ) (6,484 )
Net Cash used in Investing Activities — (2,279 ) (6,484 )
Cash Flows from (used in) Financing Activities:
Dividends paid (500 ) (844 ) (571 )
Contributions to additional paid-in capital — 2,279 6,484
Net Cash from (used in) Financing Activities (500 ) 1,435 5,913
Net increase (decrease) in cash and cash equivalents — — —
Cash and cash equivalents at beginning of year — — —
Cash and cash equivalents at end of year — — —

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B-4

ZEQ.=4,SEQ=9,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=932926,FOLIO='B-4',FILE='DISK038:[04NYC4.04NYC8084]JE8084A.;12',USER='RBERNHA',CD=';5-NOV-2004;06:56'

Schedule I—Notes to Condensed Financial information of TOP Tankers Inc. and Subsidiaries

In the Parent Company only financial statements the Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The Parent Company only financial statements should be read in conjunction with the Company's consolidated financial statements.

B-5

ZEQ.=5,SEQ=10,EFW="2146188",CP="TOP TANKERS INC.",DN="1",CHK=467503,FOLIO='B-5',FILE='DISK038:[04NYC4.04NYC8084]JE8084A.;12',USER='RBERNHA',CD=';5-NOV-2004;06:56' THIS IS THE END OF A COMPOSITION COMPONENT TOC_END

EXHIBIT INDEX

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Exhibit Number Description
1 Form of Underwriting Agreement
3.1 Amended and Restated Articles of Incorporation of TOP Tankers Inc.*
3.2 By-Laws of the Company (Previously filed as Exhibit 3.4 to the Company's registration statement on Form F-1 on July 7, 2004)
4 Form of Share Certificate (Previously filed as Exhibit 4 to the Company's registration statement on Form F-1 on July 21, 2004)
5 Opinion of Seward & Kissel LLP, United States and Marshall Islands Counsel to the Company, as to the validity of the Shares
8 Opinion of Seward & Kissel LLP, United States counsel to the Company, with respect to certain tax matters
10.1 Loan Agreement between the Company and the Royal Bank of Scotland plc dated August 10, 2004 and supplemented September 30, 2004*
10.1 Memorandum of Agreement relating to Priceless
10.2 Memorandum of Agreement relating to Stopless
10.3 Memorandum of Agreement relating to Faultless
10.4 Memorandum of Agreement relating to Noiseless
10.5 Memorandum of Agreement relating to Stainless
10.6 Commitment Letter from the Royal Bank of Scotland plc*
21 Subsidiaries of the Company*
23.1 Consent of Seward & Kissel LLP*
23.2 Consent of Ernst & Young (Hellas) Certified Auditors Accountants S.A.*
23.3 Consent of Clarksons Research Studies*
24 Powers of Attorney*

end of user-specified TAGGED TABLE * Previously filed

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QuickLinks

TOC_BEGIN PART II INFORMATION NOT REQUIRED IN THE PROSPECTUS TOC_BEGIN SIGNATURES TOC_BEGIN EXHIBIT INDEX SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2146188",CP="TOP TANKERS INC.",DN="1" TOCEXISTFLAG

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