<SEC-DOCUMENT>0000919574-26-004697.txt : 20260730
<SEC-HEADER>0000919574-26-004697.hdr.sgml : 20260730
<ACCEPTANCE-DATETIME>20260730172353
ACCESSION NUMBER:		0000919574-26-004697
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20260731
FILED AS OF DATE:		20260730
DATE AS OF CHANGE:		20260730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIANA SHIPPING INC.
		CENTRAL INDEX KEY:			0001318885
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32458
		FILM NUMBER:		261224561

	BUSINESS ADDRESS:	
		STREET 1:		PENDELIS 16
		STREET 2:		175 64 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30-210-947-0100

	MAIL ADDRESS:	
		STREET 1:		PENDELIS 16
		STREET 2:		175 64 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>p15040326_6-k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13A-16 OR 15D-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the month of July 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number: 001-32458</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DIANA SHIPPING INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant's name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pendelis 16, 175 64 Palaio Faliro, Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Form 20-F [X] Form 40-F [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" ALIGN="LEFT" STYLE="width: 100%">


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attached to this Report on Form 6-K <FONT STYLE="color: black">as
<U><A HREF="p15040326exh_99-1.htm">Exhibit 99.1</A></U></FONT> is a press release dated July 30, 2026 of Diana Shipping Inc. (the &quot;Company&quot;), announcing the Company&rsquo;s
financial results for the second quarter ended June 30, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information contained in this Report on Form
6-K, excluding commentary from Semiramis Paliou, Chief Executive Officer of the Company, is hereby incorporated by reference into the
Company's registration statements on Form F-3 (File Nos. 333-266999 and 333-280693) that were filed with the U.S. Securities and
Exchange Commission and became effective on September 16, 2022, and September 9, 2024, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" ALIGN="LEFT" STYLE="width: 100%">


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>DIANA SHIPPING INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.3in">(registrant)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Dated: July 30, 2026</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Maria Dede</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Maria Dede</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Co-Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3in"><B><I>Corporate Contact:<BR>
</I></B>Margarita Veniou<BR>
Chief Corporate Development, Governance &amp;<BR>
Communications Officer and Secretary<BR>
Telephone: + 30-210-9470-100</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3in">Email: <FONT STYLE="color: blue"><U>mveniou@dianashippinginc.com</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3in">Website: <FONT STYLE="color: blue"><U>www.dianashippinginc.com</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in">X: <FONT STYLE="color: blue"><U>@Dianaship</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3in"><B><I>Investor Relations/Media Contact:<BR>
</I></B>Nicolas Bornozis / Daniela Guerrero<BR>
Capital Link, Inc.<BR>
230 Park Avenue, Suite 1540<BR>
New York, N.Y. 10169<BR>
Tel.: (212) 661-7566<BR>
Email: <FONT STYLE="color: blue"><U>diana@capitallink.com</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FOR THE second
quarter AND SIX MONTHS ENDED JUNE 30, 2026; </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>and DECLARES
CASH DIVIDEND OF $0.01 PER COMMON SHARE </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FOR THE SECOND
QUARTER 2026 </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ATHENS, GREECE, July 30, 2026 &ndash; Diana Shipping
Inc. (NYSE: DSX), (the &ldquo;Company&rdquo; or &ldquo;Diana&rdquo;), a global shipping company specializing in the ownership and bareboat
charter-in of dry bulk vessels, today reported net income of $20.8 million and net income attributable to common stockholders of $19.3
million for the second quarter of 2026. This compares to net income of $4.5 million and net income attributable to common stockholders
of $3.1 million for the second quarter of 2025. Earnings per share for the second quarter of 2026 were $0.17 basic and $0.16 diluted,
compared to $0.03 basic and diluted in the same quarter of 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Time charter revenues were $57.3 million for the second
quarter of 2026, compared to $54.7 million for the same quarter of 2025. The increase in time charter revenues, compared to the same quarter
of the prior year, was due to higher average charter rates and was partially offset by decreased ownership days following the sale of
one vessel during the third quarter of 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Net income for the six months ended June 30, 2026,
amounted to $49.9 million and net income attributable to common stockholders amounted to $47.0 million. This compares to net income of
$7.5 million and net income attributable to common stockholders of $4.7 million for the same period in 2025. Time charter revenues for
the six months ended June 30, 2026, were $112.0 million, compared to $109.6 million for the same period in 2025. Earnings per share for
the six months ended June 30, 2026 were $0.42 basic and $0.41 diluted, compared to $0.04 basic and diluted for the same period in 2025.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Dividend Declaration</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has declared a cash dividend on its common
stock of $0.01 per share, based on the Company&rsquo;s results of operations for the quarter ended June 30, 2026. The cash dividend will
be payable on September 11, 2026, to all common shareholders of record as of August 21, 2026. The declaration and payment of future dividends
are subject to the sole discretion of the Company&rsquo;s board of directors and will depend on, among other things, the Company&rsquo;s
earnings, financial condition, cash requirements and future business prospects. As of July 29, 2026, the Company had 124,413,717 common
shares issued and outstanding and 15,682,971 warrants outstanding.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Statement on Recent Developments</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Semiramis Paliou, Diana&rsquo;s Chief Executive Officer,
commented:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;We believe the market&rsquo;s attention has
been disproportionately focused on the proposed acquisition of Genco, diverting attention from Diana&rsquo;s own intrinsic value and underlying
operating performance.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These results clearly demonstrate that Diana&rsquo;s
business continues to perform strongly, with improving profitability, healthy cash generation and meaningful operating momentum. Under
normal circumstances, such performance would be expected to receive far greater recognition from the market.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Instead, Diana continues to trade at a substantial
discount to its NAV. We believe this valuation no longer reflects the Company&rsquo;s underlying fundamentals, earnings power or asset
quality. As investors increasingly refocus on Diana&rsquo;s standalone performance and intrinsic value, we believe this discount should
progressively narrow.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Looking further ahead, should the proposed transaction
with Genco be completed, the combined company would represent a substantially larger, more diversified and more liquid platform. While
no valuation outcome can be assumed, we believe such a company would naturally be evaluated under a different valuation framework than
Diana on a standalone basis.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We believe Diana&rsquo;s current valuation represents
a compelling opportunity for investors to benefit from the Company&rsquo;s improving operating performance and the potential for a gradual
re-rating over time.&quot;</P>


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    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Fleet Employment (As of July 29, 2026)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 24%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VESSEL</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SISTER SHIPS*</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>GROSS RATE (USD PER DAY)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COM**</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CHARTERERS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DELIVERY DATE TO CHARTERERS***</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REDELIVERY DATE TO OWNERS****</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NOTES</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BUILT DWT</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9 Ultramax Bulk Carriers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Phoenix</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.75%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cargill Ocean Transportation (Singapore) Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8-Aug-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Oct/2026 - 30/Nov/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017 60,456</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Pollux</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,750</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stone Shipping Ltd</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9-Dec-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Jan/2027 - 28/Feb/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015 60,446</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Pyxis</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,100</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stone Shipping Ltd</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8-Nov-24</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-May-26</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018 60,362</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oldendorff GmbH &amp; Co. KG</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-May-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15/Jun/2027 - 15/Aug/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Polaris</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,250</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.75%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cargill Ocean Transportation (Singapore) Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1-Jul-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/Aug/2026 - 21/Sep/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018 60,404</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Pegasus</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,250</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.75%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cargill Ocean Transportation (Singapore) Pte. Ltd</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15-Aug-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-Aug-26</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015 60,508</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,350</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fednav International Ltd.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-Aug-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15/Aug/2027-15/Oct/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Aquarius</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bunge SA, Geneva</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Nov-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Nov/2026 - 31/Dec/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016 60,309</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Aquila</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,500</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bunge SA, Geneva</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12-Oct-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25/Feb/2027 - 25/Apr/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015 60,309</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Altair</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,750</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bunge SA, Geneva</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19-Jan-26</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15/Jan/2027 - 30/Mar/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016 60,309</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DSI Andromeda</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,600</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Western Bulk Carriers AS</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Dec-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Apr/2027 - 31/May/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016 60,309</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5 Panamax Bulk Carriers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LETO</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,750</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.75%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cargill International SA, Geneva</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4-Apr-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/Aug/2026 - 16/Sep/2026</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010 81,297</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MAERA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,750</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CRC Shipping Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-Nov-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20/Oct/2026 - 20/Dec/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 75,403</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ISMENE</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CRC Shipping Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24-Apr-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12-Jul-26</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 77,901</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,750</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paralos Shipping Pte. Ltd</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12-Jul-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15/May/2027 - 15/Jul/2027</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CRYSTALIA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">C</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,200</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SwissMarine Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14-Mar-26</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/Mar/2027 - 10/May/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014 77,525</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ATALANDI</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">C</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,100</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stone Shipping Ltd</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8-Jun-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5-Aug-26</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014 77,529</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5-Aug-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Aug/2027-30/Sep/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6 Kamsarmax Bulk Carriers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MAIA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paralos Shipping Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16-Jan-26</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5/Jul/2027 - 5/Sep/2027</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2009 82,193</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MYRSINI</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paralos Shipping Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-Jan-26</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20/Dec/2026 - 20/Feb/2027</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010 82,117</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MEDUSA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.75%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cargill International SA, Geneva</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16-Mar-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13-Jul-26</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010 82,194</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,850</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.75%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aquavita International S.A.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13-Jul-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5/Oct/2027 - 20/Dec/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MYRTO</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nippon Yusen Kabushiki Kaisha, Tokyo</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23-Dec-24</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10-Apr-26</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 82,131</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,650</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10-Apr-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20/Sep/2027 - 20/Nov/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ASTARTE</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Propel Shipping Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2-Aug-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16/Aug/2026 - 16/Oct/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 81,513</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEONIDAS P. C.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nippon Yusen Kabushiki Kaisha, Tokyo</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24-Sep-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15/Sep/2026 - 15/Nov/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011 82,165</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="10" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4 Post-Panamax Bulk Carriers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 3%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AMPHITRITE</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">E</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 25%; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cobelfret S.A., Luxembourg</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12-Feb-26</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Mar/2027 - 30/Apr/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012 98,697</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">POLYMNIA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">E</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oldendorff Carriers GmbH &amp; Co. KG</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17-Aug-25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Jun-26</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012 98,704</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Jun-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Mar/2027 - 30/Apr/2027</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ELECTRA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">F</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oldendorff Carriers GmbH &amp; Co. KG</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Dec-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Dec/2026 - 31/Jan/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 87,150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PHAIDRA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">F</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nippon Yusen Kabushiki Kaisha, Tokyo</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27-Feb-26</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20/Feb/2027 - 20/Apr/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 87,146</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8 Capesize Bulk Carriers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEMIRIO</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">G</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,650</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Solebay Shipping Cape Company Limited, Hong Kong</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15-Mar-26</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31/Jan/2027 - 15/Apr/2027</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2007 174,261</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NEW YORK</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">G</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,600</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SwissMarine Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11-Jan-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1-May-26</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010 177,773</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Refined Success Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1-May-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Feb/2028 - 31/Mar/2028</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEATTLE</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">H</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SwissMarine Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29-Nov-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/May/2027 - 30/Jun/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011 179,362</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">P. S. PALIOS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">H</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,200</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Glencore Freight Pte. Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15-Dec-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15/Nov/2026 - 15/Jan/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013 179,134</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">G. P. ZAFIRAKIS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">I</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,800</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nippon Yusen Kabushiki Kaisha, Tokyo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16-Sep-24</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16/Aug/2026 - 16/Nov/2026</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014 179,492</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SANTA BARBARA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">I</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dampskibsselskabet Norden A/S</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27-Nov-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Mar/2027 - 30/Apr/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015 179,426</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NEW ORLEANS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SwissMarine Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31-Oct-25</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Dec/2026 - 15/Feb/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015 180,960</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FLORIDA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,900</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bunge S.A., Geneva</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29-Mar-22</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29/Jan/2027 - 29/May/2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022 182,063</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4 Newcastlemax Bulk Carriers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LOS ANGELES</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">J</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MOL Ocean Bulk Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1-Nov-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/Sep/2026 - 1/Nov/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012 206,104</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PHILADELPHIA</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">J</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Refined Success Limited</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29-May-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Aug-26</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012 206,040</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Classic Maritime Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7-Aug-26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/Mar/2027-10/May/2027</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SAN FRANCISCO</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">K</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SwissMarine Pte. Ltd., Singapore</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1-Mar-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25/Oct/2026 - 25/Dec/2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017 208,006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NEWPORT NEWS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">K</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bohai Ocean Shipping (Singapore) Holding Pte. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16-Jun-25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/Sep/2026 - 31/Oct/2026</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017 208,021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">* Each dry bulk carrier is a &ldquo;sister ship&rdquo;, or closely similar, to other dry bulk carriers that have the same letter.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">** Total commission percentage paid to third parties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**** Range of redelivery dates, with the actual date of redelivery being at the Charterers&rsquo; option, but subject to the terms, conditions, and exceptions of the particular charterparty.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1Charterers have agreed to compensate the Owners, for any time in excess of the period commencing on April 20, 2026, to be paid at double the agreed hire rate or the rate of 115% of the average of the relevant Baltic Tess 58 Supramax Index, for the days exceeding the period or the vessel&rsquo;s present Charter Party rate, whichever of the two is higher.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2Based on latest information.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3Charterers have agreed to compensate the Owners, for any time in excess of the period commencing on July 20, 2026, to be paid at the agreed hire rate or the rate of 125% of the average of the relevant Baltic Tess 58 Supramax Index, for the days exceeding the period or the vessel&rsquo;s present Charter Party rate, whichever of the two is higher.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4Vessel on scheduled drydocking from April 5, 2026 to May 2, 2026.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5Bareboat chartered-in for a period of ten years.</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6Charterers have agreed to compensate the Owners, for any time in excess of the period commencing on May 20, 2026, to be paid at the rate of 100% of the average of the Baltic Panamax Index 5TC average for the days exceeding the period or the vessel&rsquo;s present charter party rate whichever is higher.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7The charter rate was US$9,000 per day for the first thirty-five (35) days of the charter period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8Estimated date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9The charter rate was US$13,000 per day for the first thirty (30) days of the charter period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10The charter rate was US$6,300 per day for the first trip of the charter period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11Bareboat chartered-in for a period of eight years.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Summary of Selected Financial &amp; Other Data (unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Three months ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Six months ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>STATEMENT OF INCOME DATA (in thousands of US Dollars)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Time charter revenues</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,285</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,688</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,020</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109,625</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Voyage expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,413</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,483</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,064</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vessel operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,953</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,421</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,962</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,759</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,542</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,908</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,539</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net income attributable to common stockholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,317</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,655</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FLEET DATA </B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average number of vessels</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36.0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37.0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36.0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number of vessels</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36.0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37.0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36.0</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weighted average age of vessels (by DWT)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.6</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.6</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ownership days *</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,276</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,367</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,516</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,768</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Available days *</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,249</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,329</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,471</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,632</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating days *</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,237</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,312</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,456</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,602</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fleet utilization *</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99.5%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99.8%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AVERAGE DAILY RESULTS </B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Time charter equivalent (TCE) rate (1)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,581</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,492</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,309</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,615</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Daily vessel operating expenses (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,396</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,944</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,203</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,905</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*</FONT></TD>
    <TD COLSPAN="9" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the definition of ownership days, available days, operating days and fleet utilization, see our annual report on Form 20-F for the year ended December 31, 2025 (&ldquo;Item 5A-Operating Results.&rdquo;) filed on March 13, 2026</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-GAAP Measures</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses for a period divided by the number of our
available days for the period. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due
to differences in methods of calculation. TCE is a non-GAAP measure, and management believes it is useful to investors because it is a
standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily
earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed
in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. TCE is used by management
to assess and compare the vessel profitability.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily
vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance,
the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating
expenses by ownership days for the relevant period. Management believes daily vessel operating expenses is useful to investors because
it provides a standardized, per-vessel metric that enables comparison of operational efficiency across the fleet and against industry.
Management uses this measure to monitor and assess the operational performance of vessels.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conference Call and Webcast Information</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s management will conduct a conference
call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, July 30, 2026.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investors may access the webcast by visiting the Company&rsquo;s
website at www.dianashippinginc.com and clicking on the webcast link. An accompanying investor presentation also will be available via
the webcast link and on the Company&rsquo;s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291
(for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference
call.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com.
A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international
callers) and providing the Replay ID number 13761711.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About the Company</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Diana Shipping Inc. is a global provider of shipping
transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company&rsquo;s vessels are employed primarily
on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and
other materials along worldwide shipping routes.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Cautionary Statement Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking
statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements,
which are other than statements of historical facts.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this
safe harbor legislation. The words &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimate,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;project,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;pending&rdquo;
and similar expressions identify forward-looking statements.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The forward-looking statements in this press release
are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company
management&rsquo;s examination of historical operating trends, data contained in the Company&rsquo;s records and other data available
from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company&rsquo;s
control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to these important factors, other important
factors that, in the Company&rsquo;s view, could cause actual results to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company&rsquo;s operating expenses, including bunker
prices, drydocking and insurance costs, the market for the Company&rsquo;s vessels, availability of financing and refinancing, changes
in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential
liability from pending or future litigation, general domestic and international political conditions, including risks associated with
the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or
political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other
factors. Please see the Company&rsquo;s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these
and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make
any other forward-looking statements, whether as a result of new information, future events or otherwise.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(See financial tables attached)</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DIANA SHIPPING INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FINANCIAL TABLES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expressed in thousands of U.S. Dollars, except share and per share data</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 47%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Three months ended June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Six months ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>REVENUES:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Time charter revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,285</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,688</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,020</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109,625</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OPERATING EXPENSES</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Voyage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,413</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,114</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,483</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,064</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vessel operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,953</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,012</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,421</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,962</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation and amortization of deferred charges</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,165</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,596</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,160</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,839</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,328</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,944</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,022</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,133</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management fees to a related party</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">277</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">303</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">555</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">636</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gain on sale of vessels</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,500)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other operating loss/(income)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">299</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">460</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income, total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,099</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,424</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,400</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,031</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OTHER INCOME/(EXPENSE)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest expense and finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,608)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,812)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,427)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,890)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest and other income</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,718</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,915</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,655</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,778</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gain/(loss) on derivative instruments, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">201</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(227)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gain/(loss) on related party investments</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,540</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(100)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,482</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gain/(loss) on equity securities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,261</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(403)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,683</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(403)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gain/(Loss) on warrants</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,147</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">474</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,086)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">515</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gain/(loss) from equity method investments</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(529)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(418)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(747)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other income/(expenses), net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,660</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,882)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,508</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dashed; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,492)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,759</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,542</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,908</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,539</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends on series B preferred shares</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,442)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,442)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,884)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,884)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income attributable to common stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,317</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,100</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,655</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Earnings per common share, basic</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.17</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.42</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.04</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Earnings per common share, diluted</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.16</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.41</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.04</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Weighted average number of common shares outstanding, basic</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">114,408,350</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,664,067</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113,219,648</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,095,604</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Weighted average number of common shares outstanding, diluted</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">116,705,371</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,664,067</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113,584,563</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,095,604</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Three months ended June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Six months ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,759</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,542</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,908</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,539</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustment</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,208</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,463)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,208</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Comprehensive Income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,298</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,750</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,445</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,747</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CONDENSED CONSOLIDATED BALANCE SHEET DATA</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in thousands of U.S. Dollars)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>June 30, 2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2025</B>*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>ASSETS</U></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;(unaudited)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash, cash equivalents and restricted cash</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117,928</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122,255</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in equity securities</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">155,235</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">118,194</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other current assets</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,422</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,426</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed assets</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">809,885</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">826,663</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in related parties and equity method investments</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,382</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,875</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other noncurrent assets</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,549</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,779</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total assets </B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,195,401</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,170,192</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>LIABILITIES AND STOCKHOLDERS' EQUITY</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Long-term debt and finance liabilities, net of deferred financing costs</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">606,055</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">636,109</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,894</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,670</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total stockholders' equity</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">551,452</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">502,413</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;Total liabilities and stockholders' equity</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,195,401</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,170,192</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*</FONT></TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The balance sheet data has been derived from the audited consolidated financial statements on that date.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OTHER FINANCIAL DATA (unaudited)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Three months ended June 30, </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Six months ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,510</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,623</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,834</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,835</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net cash used in investing activities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,176)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(39,877)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,077)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,333)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net cash used in financing activities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,895)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,801)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(38,084)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(56,570)</FONT></TD></TR>
  </TABLE>
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