TOP Tankers Inc. (Nasdaq: TOPT) announced on Thursday a third quarter net loss of $11 million.

The Greek ship maker’s revenues grew 41 percent from $50 million to $70.6 million in compared to the same period a year ago. While revenue increased, it failed to match the rise in charter hire expenses that jumped from around $2 million to $29 million in 2005 third quarter.

During the third quarter of 2006, we continued our extensive upgrading of our entire fleet,” said Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc. “The total investment in our tankers will be in excess of $50 million and has been completed by more than 60% in 2006.”

The company also restated its earnings for the first and second fiscal quarters in 2006 to remedy the accounting treatment for certain sale and leaseback transactions. The restatement would deduct $55 million from a gain on a seller's credit of $96 million.

This would reduce earnings per-share by 1 cent in the first quarter and 7 cents in the second quarter. Net income per share in all subsequent quarters until Dec. 31, 2010 would be reduced by about 7 cents, the company stated.

Top Tankers’ share decreased 2 cents, or 0.36 percent to close at $5.50 in Thursday trading on the Nasdaq exchange.