Exhibit 4.32

MEMORANDUM OF AGREEMENT

Dated: 4 April 2006


Litochoro Shipping Company Limited, c/o Top Tanker Management Inc, 109-111
Messogion Avenue, Athens, 115 26 Greece hereinafter called the Sellers, have
agreed to sell, and Partankers III AS, Dronning Mauds gate 3, 0114 Oslo, Norway

hereinafter called the Buyers, have agreed to buy

Name: "Endless"

Classification Society/Class: ABS

Built 1992                       By: Ishika Wajima Do Brasil Estaleiros, Brazil

Flag: Marshall Islands           Place of Registration: Majuro, Marshall Islands

Call Sign: V7FX6                 Grt: 80,914, dwt 135,915

IMO Number: 9009358

hereinafter called the Vessel, on the following terms and conditions:

Definitions

"Banking days" are days on which banks are open both in the country of the
currency stipulated for the Purchase Price in Clause 1 and in the place of
closing stipulated in Clause 8.

"In writing" or "written" means a letter handed over from the Sellers to the
Buyers or vice versa, a registered letter, telex, telefax or other modern form
of written communication.

"Classification Society" or "Class" means the Society referred to in line 4.

1.   Purchase  Price USD  51,600,000  (US dollars  Fifty One Million Six Hundred
     Thousand).
(subject as stated in Clause 21)

2.   Deposit

3.   Payment

The said Purchase Price shall be paid as more particularly described in Clause
21 and free of bank charges to the Sellers' bank, The Royal Bank of Scotland,
Shipping Business Centre, 0-10 Great Tower Street, London EC3P 3HX on delivery
of the Vessel, but not later than 3 banking days after the Vessel is in every
respect physically ready for delivery in accordance with the terms and
conditions of this Agreement and Notice of Readiness has been given in
accordance with Clause 5. (See also Clause 21)

4.   Inspections

a)*     The Buyers have inspected and accepted the Vessel's classification
        records. The Buyers have also inspected the Vessel Khor Fakkan, the
        United Arab Emirates, on about 9 February 2006 and have accepted the
        Vessel following this inspection and therefore the sale is outright and
        definite, subject only to the terms and conditions of this Agreement.


5.   Notices, time and place of delivery

a)   The Sellers shall keep the Buyers well  informed of the Vessel's  itinerary
     and shall provide the Buyers with 7, and 3 days  approximate  notice of the
     estimated  time of  arrival at the  intended  place of  delivery.  When the
     Vessel is at the place of delivery and in every  respect  physically  ready
     for delivery in accordance with this Agreement,  the Sellers shall give the
     Buyers a written Notice of Readiness for delivery.

b)   The Vessel  shall be delivered  and taken over safely  afloat at a safe and
     accessible berth or Anchorage,  or at high sea by mutual agreement  between
     the Buyers and the Sellers.  Latest with the 3 days  approximate  notice of
     delivery Sellers to nominate exact delivery place.

     Expected time of delivery: Between 27th March, 2006 and 1st May, 2006

     Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14) 2nd May 2006

c)   If the Sellers anticipate that, notwithstanding the exercise of due
     diligence by them, the Vessel will not be ready for delivery by the
     cancelling date they may notify the Buyers in writing stating the date when
     they anticipate that the Vessel will be ready for delivery and propose a
     new cancelling date. Upon receipt of such notification the Buyers shall
     have the option of either cancelling this Agreement in accordance with
     Clause 14 within 2 running days of receipt of the notice or of accepting
     the new date as the new cancelling date. If the Buyers have not declared
     their option within 2 running days of receipt of the Sellers' notification
     or if the Buyers accept the new date, the date proposed in the Sellers'
     notification shall be deemed to be the new cancelling date and shall be
     substituted for the cancelling date stipulated in line 61.

     If this Agreement is maintained with the new cancelling date all other
     terms and conditions hereof including those contained in Clauses 5 (a)
     and 5 (c) shall remain unaltered and in full force and effect.
     Cancellation or failure to cancel shall be entirely without prejudice
     to any claim for damages the Buyers may have under Clause 14 for the
     Vessel not being ready by the original cancelling date.

d)   Should the Vessel become an actual,  constructive or compromised total loss
     before delivery, this Agreement shall be null and void.

6.   Drydocking/Divers Inspection

7.   Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers with everything belonging to
her on board and on shore. All spare parts and spare equipment including spare
tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
belonging to the Vessel at the time of inspection used or unused, whether on
board or not shall become the Buyers' property, but spares on order are to be
excluded. Forwarding charges, if any, shall be for the Buyers' account. The
Sellers are not required to replace spare parts including spare tail-end
shaft(s) and spare-propeller(s)/propeller blade(s) which are taken out of spare
and used as replacement prior to delivery, but the replaced items shall be the
property of the Buyers. The radio installation and navigational equipment shall
be included in the sale without extra payment if they are the property of the
Sellers.

The Sellers have the right to take ashore crockery, plates, cutlery, linen and
other articles bearing the Sellers' flag or name, provided they replace same
with similar unmarked items. Library, forms, etc., exclusively for use in the
Sellers' vessel(s), shall be excluded without compensation. Captain's, Officers'
and Crew's personal belongings including the slop chest are to be excluded from
the sale, as well as the following additional items (including items on hire):

(See Clause 20)

8.   Documentation (See also Clause 19)

The place of closing:  Piraeus/New York

At the time of delivery the Buyers and Sellers shall sign and deliver to each
other a Protocol of Delivery and Acceptance confirming the date and time of
delivery of the Vessel from the Sellers to the Buyers.

At the time of delivery the Sellers shall hand to the Buyers the classification
certificate(s) as well as all plans etc., which are on board the Vessel. Other
certificates which are on board the Vessel shall also be handed over to the
Buyers unless the Sellers are required to retain same, in which case the Buyers
to have the right to take copies. Other technical documentation which may be in
the Sellers' possession shall be promptly forwarded to the Buyers at Buyers
expense, if they so request. The Sellers may keep the Vessel's log books but the
Buyers to have the right to take copies of same.

9.   Encumbrances

The Sellers warrant that the Vessel, at the time of delivery, is free from all
encumbrances, mortgages and maritime liens or, any other debts whatsoever. The
Sellers hereby undertake to indemnify the Buyers against all consequences of
claims made against the Vessel which have been incurred prior to the time of
delivery.

10.  Taxes, etc.

Any taxes, fees and expenses in connection with the purchase and registration
under the Buyers' flag shall be for the Buyers' account, whereas similar charges
in connection with the closing of the Sellers' register shall be for the
Sellers' account.

11.  Condition on delivery

The Vessel with everything belonging to her shall be at the Sellers' risk and
expense until she is delivered to the Buyers, but subject to the terms and
conditions of this Agreement she shall be delivered and taken over as she was at
the time of inspection, fair wear and tear excepted.

However, the Vessel shall be delivered with her class maintained without
condition/recommendation*, free of average damage affecting the Vessel's class,
and with her classification certificates and national certificates, as well as
all other certificates the Vessel had at the time of inspection, valid and
unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery.

"Inspection" in this Clause 11, shall mean the Buyers' inspection according to
Clause 4 a) if applicable, or the Buyers' inspection prior to the signing of
this Agreement. If the Vessel is taken over without inspection, the date of this
Agreement shall be the relevant date.

*    Notes,  if  any,  in  the  surveyor's  report  which  are  accepted  by the
     Classification Society without condition/recommendation are not to be taken
     into account.

12.  Name/markings



13.  Buyers' default

Should the Purchase Price not be paid in accordance with Clause 3 and Clause 21,
the Sellers have the right to cancel the Agreement, and the Sellers shall be
entitled to claim further compensation for their losses and for all expenses
incurred together with interest.

14.  Sellers' default

Should the Sellers fail to give Notice of Readiness in accordance with Clause
5a) or fail to be ready to validly complete a legal transfer by the date
stipulated in line 61 the Buyers shall have the option of cancelling this
Agreement provided always that the Sellers shall be granted a maximum of 3
banking days after Notice of Readiness has been given to make arrangements for
the documentation set out in Clause 8. If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every
respect by the date stipulated in line 61 and new Notice of Readiness given, the
Buyers shall retain their option to cancel.

Should the Sellers fail to give Notice of Readiness by the date stipulated in
line 61 or fail to be ready to validly complete a legal transfer as aforesaid
they shall make due compensation to the Buyers for their loss and for all costs
and expenses together (including, without limitation, any break funding costs)
with interest if their failure is due to proven negligence and they shall make
due compensation for the Buyers' loss whether or not the Buyers cancel this
Agreement.

15.  Buyers' representatives

16.  Arbitration

This Agreement shall be governed by and construed in accordance with English law
and any dispute arising out of this Agreement shall be referred to arbitration
in London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one arbitrator
being appointed by each party. On the receipt by one party of the nomination in
writing of the other party's arbitrator, that party shall appoint their
arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall
not agree they shall appoint an umpire whose decision shall be final.

17.  The Buyers (as  owners)  have  entered  into a bareboat  charterparty  (the
     "Charter")  of  even  date  herewith  with  the  Sellers  (as  charterers),
     whereunder  the Vessel is  chartered  to the Sellers for such period and on
     such terms and conditions as more particularly described therein.  Delivery
     of the Vessel to the Buyers  under this  Agreement  shall be subject to the
     simultaneous delivery and acceptance by the Buyer (as charterers) under the
     Charter.

18.  Delivery  of the  Vessel at sea (if  applicable)  shall be  subject  to any
     necessary consents from the Vessel's register and insurers.

19.  In addition to the documents listed in Clause 8, the Sellers and the Buyers
     shall  agree and  provide  such  additional  and normal  documentation  for
     closing as is reasonably  required by the Sellers and the Buyers, a list of
     which  shall be  separately  agreed  between the  parties  latest  within 3
     Banking Days from the execution of the MoA, and  incorporated  into the MoA
     by way of an Addendum hereto, and which shall include,  without limitation,
     (i) a  multipartite  agreement  between the  Sellers,  the Buyers,  and the
     current  time-charterer  of  the  Vessel,   confirming,   inter  alia,  the
     time-charterer's  consent to the sale of the  Vessel to the Buyer,  and the
     assignment  and step-in  rights to the Buyers and Buyers' bank in the event
     of a breach by the Sellers (in their  capacity  as  charterers)  under this
     Charter, and (ii) a co-ordination agreement between the Sellers, the Buyers
     and Buyers' bank regarding the  subordination  and  coordination  of rights
     between the first  priority  interest of the banks and the second  priority
     interest of the Sellers in relation to the Sellers'  credit  referred to in
     Clause 21 (iii).

20.  Remaining  stores,  provisions,  bunkers and  lubricating  oils onboard the
     Vessel at the time of delivery  hereunder  shall remain the property of the
     Sellers.

21.  Of the total purchase price of USD 51,600,000 (US Dollars Fifty One Million
     Six Hundred Thousand) (the "Purchase Price") the Buyers shall pay USD
     [45,375,300)] (US Dollar fourty five million three hundred and seventy five
     thousand three hundred) to the Royal Bank of Scotland, Shipping Business
     Centre, 5-10 Tower Street London EC3P 3HX, SORTCODE: 16-0101, SWIFT:
     RBOSGB2L, IBAN:GB49 RBOS1663 0000311964, IBANBIC: RBOSGB2L, ACCOUNT KEY:
     TOPTAN-USD1, BENEFICIARY:TOPTANKERS INC (correspondent bank: American
     Express Bank Limited, New York -- SWIFT: AEIBUS33XXX) as and when provided
     in Clause 3 immediately after the Sellers have taken delivery of the Vessel
     as charterers under the Charter, provided that:

(i)  The Buyers shall be entitled to deduct USD 703,500 (US Dollar seven hundred
     and three thousand five hundred) from the Purchase Price, being an amount
     equal to the first hire payment due to the Buyers by the Sellers as
     charterers under the Charter. If Buyers elect to make such deduction, the
     cash element to the Purchase Price as set out in (a) above shall be reduced
     accordingly and the Buyers shall provide to the Sellers as charterers a
     commercial invoice crediting amount to them under the Charter.

(ii) Commission  in the amount of USD 361,200 (US Dollar three hundred and sixty
     one  thousand two hundred)  shall be payable to Pareto  Private  Equity ASA
     upon  delivery of the Vessel under this  Agreement  and the Charter and the
     Buyers shall be entitled to deduct such amount from the cash element of the
     Purchase Price and make such payment on behalf of the Sellers.

(iii)The amount of USD 5,160,000 (US Dollars five million one hundred and sixty
     thousand)  shall be deducted  and deferred to be paid by the Buyers on such
     terms and  conditions set out in more detail in a certain  Seller's  Credit
     Agreement  of even date  herewith  entered into between the Sellers and the
     Buyers.

22.  All costs and expenses arising in connection with the initial  registration
     of the  Vessel  in the  name  of the  Buyers  and in  connection  with  the
     maintenance of such  registration  shall be borne by the Buyers and, if and
     to the extent from time to time paid by Sellers  shall be reimbursed by the
     Buyers to the Sellers upon written demand.

For and on behalf of                        For and on behalf of
Litochoro Shipping Company Limited          Partankers III AS

 /s/ Andreas Louka                           /s/ Peter W. Wallace
----------------------------                -----------------------
Andreas Louka                                   Peter W. Wallace
Attorney-in-fact                                Attorney-in-fact