Top Reported to be Acquiring Nomikos

Although still in the rumor stage, Top Tankers was reported in the trade press as having struck a deal to acquire AM Nomikos. If true, the deal is yet further evidence of accelerating consolidation in 2005. With shipyards full, companies cash rich, debt and equity abundant and public companies trading at a premium to net asset value, we continue to believe that en bloc deals will dominate in 2005.

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