Top Ships Inc. announced that it has increased the size of its Board of Directors (the "Board") from five members to seven members, and has appointed Mr. Per Christian Haukenes and Mr. Paolo Javarone to the Board. Mr. Paolo Javarone will serve as a member of the Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee of the Board, each of which committees will be expanded from two to three members.