Exhibit 4.23

                                   Guarantee

                                                                   15 March 2006


To:  KOMARF HOPE 30 Shipping Company (the "Beneficiary")

1    In  consideration of (i) the  Beneficiary,  which  expression  includes its
     successors  and  assignees),  at our  request,  agreeing  to let  the  m.v.
     "Stopless"  (the "Ship") to VITSI SHIPPING CO. LTD the  "Charterer",  which
     expression  includes its  successors  and  assigns)  pursuant to a "Barecon
     2001" bareboat charter dated 9 March 2006 (as amended and supplemented from
     time to time, the "Charter")  between the Beneficiary and the Charterer and
     (ii)  US$1 and other  good and  valuable  consideration  (the  receipt  and
     adequacy  of which is  hereby  acknowledged)  we,  TOP  TANKERS  INC.  (the
     "Guarantor") irrevocably and unconditionally guarantee the due and punctual
     payment of all sums payable by the  Charterer to the  Beneficiary  under or
     pursuant to the Charter (including,  without  limitation,  all charterhire,
     interest,  fees, costs, charges and expenses) together with interest to the
     date of payment (as well after as before  judgment)  at such rates and upon
     such  terms as may from  time to time be  expressed  to be  payable  by the
     Charterer  and any damages  (whether  liquidated or otherwise for breach of
     the Charter) on a full and  unqualified  indemnity basis and undertake that
     if for any  reason  the  Charterer  shall fail to pay any sums due under or
     pursuant to the Charter on the due date of payment thereunder the Guarantor
     shall, on demand by the  Beneficiary,  unconditionally  pay such sum to the
     Beneficiary.

2    As a separate and independent  stipulation,  the Guarantor  irrevocably and
     unconditionally agrees that if any purported obligation or liability of the
     Charterer  which would have been the subject of this  Guarantee had it been
     valid and  enforceable is not or ceases to be valid or enforceable  against
     the  Charterer  on  any  ground  whatsoever  whether  or not  known  to the
     Beneficiary  (including,  without  limitation,  any  irregular  exercise or
     absence of any  corporate  power or lack of authority of, or breach of duty
     by, any person purporting to act on behalf of the Charterer or any legal or
     other  limitation,  whether under the  Limitation  Acts or otherwise or any
     disability  or  incapacity  or  any  change  in  the  constitution  of  the
     Charterer) the Guarantor shall nevertheless be liable to the Beneficiary in
     respect of that purported obligation or liability as if the same were fully
     valid  and  enforceable  and the  Guarantor  were the  principal  debtor in
     respect thereof.  The Guarantor hereby agrees to keep the Beneficiary fully
     indemnified  on demand  against all  damages,  losses,  costs and  expenses
     arising from any failure of the  Charterer to perform or discharge any such
     purported   obligation   or   liability   or   from   any   invalidity   or
     unenforceability of any of the same against the Charterer.

3    The Guarantors  liability  under this Guarantee  shall not be discharged in
     whole or in part or  otherwise  be affected in any way by reason of (a) the
     Beneficiary  giving the Charterer  time or any other  concession or taking,
     holding,  varying,  realising or not enforcing  any other  security for the
     liabilities of the Charterer under the Charter, (b) any legal limitation or
     incapacity   relating   to   the   Charterer,   (c)   the   invalidity   or
     unenforceability  of the  obligations of the Charterer under the Charter or
     (d) any other act or omission of the Beneficiary or any other circumstances
     which but for this provision  would  discharge the Guarantor and any moneys
     expressed  to be payable by the  Charterer  under the terms of the  Charter
     which may not be  recoverable  from the Charterer for any such reason shall
     be recoverable by the Beneficiary from the Guarantor as principal debtor.

4    This  Guarantee  shall expire upon  termination by effluxion of time of the
     Charter  or  otherwise  in  circumstances  where  all  obligations  of  the
     Charterer  shall have been  irrevocably and  unconditionally  discharged in
     full.

5    The Beneficiary may enforce this Guarantee  without first making demand on,
     or taking any proceeding against, the Charterer.

6    All payments by the Guarantor  hereunder  shall be made without  set-off or
     counterclaim  and,  subject to  paragraph  7 hereof,  free and clear of any
     deductions or  withholdings  in United States Dollars in same day funds (or
     such  other  funds  as  may  then  be  customary  for  the   settlement  of
     international  bank  transactions in the relevant  currency) not later than
     10am (local time in the place of payment) on the due date to the account of
     the Beneficiary notified to the Guarantor by the Beneficiary.

7    If at any  time  the  Guarantor  is  required  to  make  any  deduction  or
     withholding  in  respect  of any  taxes  (which  for  the  purpose  of this
     Guarantee includes all present and future taxes, levies,  imposts,  duties,
     fees or charges of  whatever  nature  together  with  interest  thereon and
     penalties in respect  thereof)  from any payment due under this  Guarantee,
     the sum due  from  the  Guarantor  in  respect  of such  payment  shall  be
     increased to the extent  necessary to ensure that, after the making of such
     deduction or withholding, the Beneficiary receives on the due date for such
     payment (and retains,  free from any liability in respect of such deduction
     or withholding) a net sum equal to the sum which it would have received had
     no such deduction or withholding been required to be made and the Guarantor
     shall indemnify the Beneficiary  against any losses or costs incurred by it
     by reason of any failure of the  Guarantor  to make any such  deduction  or
     withholding or by reason of any increased payment not being made on the due
     date  for  such  payment.  The  Guarantor  shall  promptly  deliver  to the
     Beneficiary  any  receipts,  certificates  or other  proof  evidencing  the
     amounts (if any) paid or payable in respect of any deduction or withholding
     as aforesaid.

8    If any sum due from the  Guarantor  under  this  Guarantee  or any order or
     judgment  given or made in  relation  hereto has to be  converted  from the
     currency  (the "first  currency")  in which the same is payable  under this
     Guarantee  or under such  order or  judgment  into  another  currency  (the
     "second currency") for the purpose of (i) making or filing a claim or proof
     against the Guarantor,  (ii) obtaining an order or judgment in any court or
     other  tribunal or (iii)  enforcing any order to judgment  given or made in
     relation to this Guarantee, the Guarantor shall indemnify and hold harmless
     the  Beneficiary  from and  against  any loss  suffered  as a result of any
     difference  between  (a) the rate of  exchange  used for  such  purpose  to
     convert  the sum in  question  from the  first  currency  into  the  second
     currency and (b) the rate or rates of exchange at which the Beneficiary may
     in the ordinary  course of business  purchase the first  currency  with the
     second currency upon receipt of a sum paid to it in satisfaction,  in whole
     or in part,  of any such order,  judgment,  claim or proof.  Any amount due
     from the Guarantor  under this clause 8 shall be due as a separate debt and
     shall not be  affected by judgment  being  obtained  for any other sums due
     under or in  respect  of this  Guarantee  and the term  "rate of  exchange"
     includes any premium and costs of exchange  payable in connection  with the
     purchase of the first currency with the second currency.

9    The Guarantor represents and warrants to the Beneficiary that:

     (a)  the  Guarantor  is duly  incorporated  and  validly  existing  in good
          standing under the laws of the Marshall Islands as a limited liability
          corporation  and has power to carry on its business as it is now being
          conducted and to own its property and other assets;

     (b)  the  Guarantor   has  power  to  execute,   deliver  and  perform  its
          obligations  under  this  Guarantee,   and  all  necessary  corporate,
          shareholder   and  other  action  has  been  taken  to  authorise  the
          execution,  delivery and  performance of the same and no limitation on
          the power of the  Guarantor to give  guarantees  will be exceeded as a
          result of this Guarantee;

     (c)  this  Guarantee  constitutes  valid,  legal  and  enforceable  binding
          obligations of the Guarantor;

     (d)  the  execution  and delivery of, the  performance  of its  obligations
          under and  compliance  with the  provisions  of this  Guarantee by the
          Guarantor  will  not  (i)  contravene  any  existing  applicable  law,
          statute, rule or regulation or any judgment, decree or permit to which
          the  Guarantor is subject,  or (ii)  contravene  or conflict  with any
          provision  of the  Guarantors  Articles of  Incorporation,  By-Laws or
          other constitutional documents;

     (e)  it is not necessary to ensure that legality, validity,  enforceability
          or  admissibility  in evidence of this  Guarantee that it or any other
          instrument be notarised,  filed,  recorded,  registered or enrolled in
          any court,  public office or elsewhere in the Marshall Islands or that
          any  stamp,  registration  or  similar  tax or  charge  be paid in the
          Marshall  Islands  on  or in  relation  to  this  Guarantee  and  this
          Guarantee is in proper form for its  enforcement  in the courts of the
          Marshall Islands;

     (f)  the choice by the Guarantor of English law to govern this Guarantee is
          valid and binding; and

     (g)  neither the  Guarantor  nor any of its assets are entitled to immunity
          on the grounds of  sovereignty  or otherwise  from any legal action or
          proceeding (which shall include, without limitation,  suit, attachment
          prior to judgment, execution or other enforcement).

10   No failure or delay on the part of the  Beneficiary  to exercise any right,
     power or remedy under this Guarantee shall operate as a waiver thereof, nor
     shall any  single or partial  exercise  by the  Beneficiary,  of any right,
     power or remedy  preclude  any other or  further  exercise  thereof  or the
     exercise of any other right, power or remedy. The remedies provided in this
     Guarantee are cumulative and are not exclusive of any remedies  provided by
     law.

11   The  Guarantor may not assign any of its rights or  obligations  hereunder.
     The  Beneficiary  may  assign any of its rights  hereunder  to Fortis  Bank
     (Nederland) N.V. of Coolsingel 93, 3012 AE Rotterdam,  The Netherlands (the
     "Agent")  (acting as security agent and trustee on behalf of a syndicate of
     banks and other  ancillary  parties).  The Guarantor  hereby agrees that it
     will  promptly  execute  an  acknowledgement  in favour of the Agent of any
     notice of assignment delivered to it relating to such assignment.

12   Every claim or notice under this  Guarantee  shall be in writing and may be
     given or made by post or fax to the Guarantor or the  Beneficiary  at their
     respective  addresses  given  above or to another  address  notified by the
     Guarantor  or the  Beneficiary  (or its  assignee)  to the other under this
     Guarantee.  Every notice shall be deemed to have been received, in the case
     of a fax at the time of despatch  (provided that if the date of despatch is
     not a  working  day in the  country  of the  addressee,  it shall be deemed
     received  on the  next  working  day),  and in the case of a  letter,  when
     delivered.

13   (a)  This Guarantee  shall be governed by and construed in accordance  with
          English law.

     (b)  The Guarantor  agrees,  for the benefit of the  Beneficiary,  that any
          legal action or proceedings  arising out of or in connection with this
          Guarantee may be brought in English courts. The Guarantor  irrevocably
          and  unconditionally  submits to the  jurisdiction  of such courts and
          irrevocably designates, appoints and empowers Top Tankers (UK) Limited
          at present of 50 Park Street, W1K 2JJ, London,  England to receive for
          it and on its  behalf,  service or process  issued out of the  English
          courts in any such legal action or proceedings. The submission to such
          jurisdiction shall not (and shall not be construed so as to) limit the
          right of the Beneficiary to take proceedings  against the Guarantor in
          any other  court of  competent  jurisdiction  nor shall the  taking of
          proceedings  in any one or more  jurisdictions  preclude the taking of
          proceedings in any other jurisdiction, whether concurrently or not.

14   No term of this Guarantee  shall be  enforceable  pursuant to the Contracts
     (Rights of Third  Parties)  Act 1999 by a person who is not a party to this
     Guarantee.

Yours faithfully



<PAGE>




EXECUTED as a DEED by Stamatis Tsantanis
for and on behalf of
TOP TANKERS INC.
Pursuant to a Power of Attorney
Dated 8 March 2006
in the presence of:

Witness:

Name:        Andreas Louca
Address:     Top Tanker Management Inc.
             109-111 Messogian Av, 15526 Greece
Occupation:  Advocate