SecProbe.io

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
DIVISION OF
CORPORATION FINANCE
Mail Stop 3561
July 23, 2009
Gar J. Wolfe, Esq.
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
Re: Top Ships Inc.
Registration Statement on Form F-3
Filed July 1,2009
File No. 333-160412
Dear Mr. Wolfe:
We have limited our review of your filing to those issues we have addressed in
our comments. Where indicated, we think you should revise your document in response
to these comments. If you disagree, we will consider your explanation as to why our
comment is inapplicable or a revision is unecessar. Please be as detailed as necessar
in your explanation. In some of our comments, we may ask you to provide us with
information so we may better understand your disclosure. After reviewing ths
information, we may raise additional concerns.
Please understand that the purose of our review process is to assist you in your
compliance with the applicable disclosure requirements and to enhance the overall
disclosure in your filing. We look forward to working with you in these respects. We
welcome any questions you may have about our comments or any other aspect of our
review. Feel free to call us at the telephone numbers listed at the end of this letter.
Plan of Distribution. page 16
1. We note that Y A Global is identified as an underwriter on page 16. Please revise
the prospectus cover page to identify Y A Global as an underwiter.
2. We note that Y A Global is identified as the sellng shareholder on page 14.
However; we also note the disclosure on page 16 that other sellng shareholders
may be identified as underwiters. Please clarfy whether there are any additional
sellng shareholders.
*****

Gary J. Wolfe, Esq.
Seward & Kissel LLP
July 23, 2009
Page 2
As appropriate, please amend your registration statement in response to these
comments. You may wish to provide us with marked copies of the amendment to
expedite our review. Please fush a cover letter with your amendment that keys your
responses to our comments and provides any requested information. Detailed cover
letters greatly facilitate our review. Please understand that we may have additional
comments after reviewing your amendment and responses to our comments.
We urge all persons who ate responsible for the accuracy and adequacy of the
disclosure in your filing to be certain that the filing includes all inormation required
under the Securities Act of 1933 and that they have provided all information investors
require for an informed investment decision. Since the company and its management are
in possession of all facts relating to a company's disclosure, they are responsible for the
accuracy and adequacy of the disclosures they have made.
Notwthstanding our comments, in the event the company requests acceleration of
the effective date ofthe pending registration statement, it should fush a letter, at the
time of such request, acknowledging that:
· should the Commission or the staff, acting pursuant to delegated authority, declare the
filing effective, it does not foreclose the Commission from takng action with respect
to the filing;
· the action of the Commission or the staff, acting pursuant to delegated authority,
declare the filing effective, does not relieve the company from its full responsibility
for the adequacy and accuracy of the disclosure in the filing; and
· the company may not assert staff comments and the declaration of effectiveness as a
defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States.
In addition, please be advised that the Division of Enforcement has access to all
information you provide to the staff of the Division of Corporation Finance in connection
with our review of your filing or in response to our comments on your filing.
We wil consider a wrtten request for acceleration of the effective date of the
registration statement as coiirmation of the fact that those requesting acceleration are
aware of their respective responsibilties under the Securties Act of 1933 and the
Securities Exchange Act of 1934 as they relate to the proposed public offering of the
securities specified in the above registration statement. We will act on the request and,
pursuant to delegated authority, grant acceleration of the effective date.
We direct your attention to Rules 460 and 461 regarding requesting acceleration
of a registration statement. Please allow adequate time after the fiing of any amendment
for fuher review before submitting a request for acceleration. Please provide this
request at least two business days in advance of the requested effective date.

Gar J. Wolfe, Esq.
Seward & Kissel LLP
July 23, 2009
Page 3
You may contact J. Nolan McWillams at (202) 551-3217 or, in his absence, me
at (202) 551-3412 if you have any questions regarding comments.
Sincerely,
Amanda Ravitz
Branch Chief - Legal
cc: Via Facsimile (212) 480-8421