Exhibit 4.11


                                                CERTIFIED TRUE COPY
                                                Norton Rose
                                                ----------------------
                                                NORTON ROSE
                                                KEMPSON HOUSE
                                                CAMOMILE STREET
                                                LONDON EC3A 7AN
                                                8 August 2006

                                   Guarantee

                                                                  15 March 2006


To: KOMARF HOPE 27 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.
     "Priceless" (the "Ship") to KISAVOS 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 Guarantor's 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 Guarantor's 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
for and on behalf of
TOP TANKERS INC.
Pursuant to a Power of Attorney
Dated          March 2006
In the presence of:

Witness:

Name:

Address:

Occupation

<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 Louka

Address: Top Tanker Management Inc.,
         109-111 Messogion Av, 1SS26 Greece

Occupation Advocate